Jerome Powell on the Future of the Fed’s Policy
On February 11, Jerome Powell, Chairman of the U.S. Federal Reserve, testified before the Senate regarding the Fed’s future policy direction. Powell stated that the central bank has no plans for quantitative easing and is not rushing to cut interest rates further.
He also confirmed that the Fed will not issue a central bank digital currency (CBDC) but expressed support for stablecoin regulations.
Source: Cointelegraph
Altcoin Season Canceled?
Following Powell’s remarks, concerns emerged in the media about whether altcoin season will happen in this market cycle and whether Bitcoin has already peaked. However, this may not necessarily be the case.
A key factor to watch is the U.S. government's account balance at the Fed, which is nearing critically low levels. If this balance falls too much, the Fed may need to replenish funds, effectively increasing its balance sheet. This could mimic the effects of quantitative easing, potentially boosting risk assets—including cryptocurrencies.
Czech Republic Welcomes Crypto Holders
The Czech Parliament has passed, and the President has signed, a new bill introducing a 0% capital gains tax on crypto profits. However, this applies only to investors who hold their digital assets for at least three years.
Meanwhile, in Poland, despite past promises from the Ministry of Finance, the Belka Tax (capital gains tax) remains unchanged and continues to apply to crypto profits.
Source: TradingView
Polish Presidential Candidate Speaks on Crypto
Rafał Trzaskowski, the current poll favorite in Poland’s presidential race, was asked about his stance on cryptocurrencies during a campaign event.
He stated that the government should not increase the risks associated with investing in Bitcoin and altcoins. In his view, crypto is a "normal investment method," and the government should focus on minimizing risks rather than adding extra costs.
However, he did not clarify his stance on MiCA (Markets in Crypto-Assets regulation) or the recently proposed crypto legislation in the Polish Parliament.