Recent market rumors suggest that Federal Reserve Chair Jerome Powell is facing an investigation, and this unexpected event could be more complex than it appears on the surface.

Allianz's Chief Economic Advisor Mohamed El-Erian immediately shared his views. He had publicly called for Powell's resignation months ago, and the current investigation controversy in some ways confirms his concerns about institutional governance issues. El-Erian believes that this is not just personnel change; it reflects deeper governance risks within the Federal Reserve.

The key point is: as the reference anchor for the global central banking system, once the Fed's credibility is damaged, market expectations for its monetary policy will be re-priced. Changes in liquidity expectations directly impact the performance of risk assets—including cryptocurrencies.

Historically, whenever the authority of a central bank is challenged, alternative assets like Bitcoin tend to become more attractive. The logic behind this is: when the credibility of the traditional financial system is shaken, the market begins to seek new value anchors. If Powell's successor cannot quickly stabilize policy coherence in the future, it may become a new focus of crypto market narratives.

It is worth paying attention to the following questions: Can the new Federal Reserve Chair implement effective reforms? Will there be a policy shift? These variables will directly influence the rebalancing of global liquidity and asset allocation.