God_isGood

Earlier this Tuesday, the prices of Bitcoin (BTC), XRP, and other major tokens surged higher after rumors of Federal Reserve Chair Jerome Powell's resignation started spreading like wildfire on the X social media network.

Several right-wing influencers and some cryptocurrency accounts began sharing a resignation letter that was allegedly written by Powell.

However, there is no official statement regarding Powell's resignation, and the aforementioned letter is obviously not authentic.

Apart from nonsensical text, its seal, which was likely generated with the help of artificial intelligence (AI), features some gibberish text instead of clearly legible titles. There are also some glaring design inconsistencies that clearly show that the letter is not authentic.

Fake news. https://t.co/02xmtMJ6kr

— Markets & Mayhem (@Mayhem4Markets) July 22, 2025

However, the low-effort letter was still seemingly able to push crypto prices higher, with Bitcoin now approaching the $120,000 level.

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There is an ongoing right-wing pressure campaign aimed at Powell due to the Fed's interest rates. During her recent appearance on Fox Business, pro-Bitcoin Wyoming Senator Cynthia Lummis urged Powell to resign.

FHFA director Bill Pulte, who has been aggressively targeting Powell, believes that Powell will be resigning "soon," but he has clarified that today is not the day.

I believe Powell will be resigning soon, but today is not the day.

— Pulte (@pulte) July 22, 2025

At the same time, some argue that ousting Powell before the end of his term will likely undermine the Fed's independence. As reported by U.Today, cryptocurrency mogul Mike Novogratz described this as "Banana Republic moves" while also urging investors to buy Bitcoin. Some believe that Powell's sudden outsintg could potentially boost crypto.

In a recently published tweet, Jeremie Davinci, an early Bitcoin adopter and cryptocurrency millionaire, has revealed the scenario how BTC can soar to roughly $350,000 without naming any particular time frames for that.

Davinci named an important Bitcoin metric he used while coming up with his Bitcoin price outlook.

Bitcoin can hit over 5x BTC mining cost, per Davinci

Davinci stated that currently it costs roughly $70,000 for miners to produce one Bitcoin, and they have better gear and often use cheap electricity for mining.

The crypto influencer revealed that in past bull markets, Bitcoin has managed to soar more than 5x the BTC mining cost. Therefore, taking into account that currently miners spend $70,000 to mine one BTC, the price of the largest cryptocurrency may skyrocket as high as $350,000 in the future if a bullish scenario described by Jeremie Davinci plays out. “Huge potential ahead!” he stated speaking about the Bitcoin price. At the time of writing this material, Bitcoin is changing hands at $94,420.

It costs miners about $70k to produce 1 #Bitcoin now, less with better hardware or cheap energy. In past bull markets, Bitcoin’s price has hit over 5x the mining cost. Huge potential ahead!

— Davinci Jeremie (@Davincij15) January 11, 2025

Bitcoin is crashing, great news, Robert Kiyosaki says

Earlier this week, the renowned investor and author of the popular book on finance managing skills “Rich Dad Poor Dad” Robert Kiyosaki took to the X platform to publicly celebrate the Bitcoin price crash as it went down below $96,000 from roughly $102,000.

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Back then, Kiyosaki tweeted that he found the news about Bitcoin crashing to be great. The financial guru explained his joy, saying that Bitcoin got on sale and it was now possible to start buying it at a big discount.

He also reminded the community that almost 20 million Bitcoins out of 21 million have been mined already, which leaves less than 2 million BTC to be produced by miners. After the April 2024 halving, the Bitcoin block reward constitutes 3.125 BTC. The final Bitcoin, according to Satoshi’s plan, is to be mined in the year 2140.