‘Pro-Crypto’ Fed Chair Kevin Warsh Sworn In On Bitcoin Pizza Day, But BTC Continues To Battle $77K — Retail Traders Caught Off Guard

• Bitcoin’s price struggled below $77,000 on Friday despite ‘pro-crypto’ Kevin Warsh officially becoming the new Federal Reserve chair.
• Warsh’s financial disclosures showed investments tied to more than 20 crypto-related projects and funds.
• Bitcoin Pizza Day coincided with Warsh’s swearing-in, commemorating how 10,000 BTC once purchased two pizzas in 2010.

Bitcoin (BTC) continued to struggle below $77,000 in midday trade on Friday, even as Kevin Warsh, the first ‘pro-crypto’ Federal Reserve chairman, was sworn in, catching retail investors off guard on what was also, coincidentally, Bitcoin Pizza Day.

Bitcoin’s price fell 1.3% in the last 24 hours to around $76,800. Retail sentiment around the apex cryptocurrency on Stocktwits continued to trend in ‘bearish’ territory over the past day, accompanied by ‘normal’ levels of chatter. 

Retail investors on the platform were expecting Bitcoin’s price to pop after Warsh’s confirmation, given that his financial disclosures showed he had invested in over 20 cryptocurrency projects. Warsh succeeds Jerome Powell, who served as Chair for eight years. 

The muted reaction coincided with Bitcoin Pizza Day, the annual crypto milestone commemorating the first real-world Bitcoin transaction in 2010, when 10,000 BTC were exchanged for two pizzas. Today, that 10,000 BTC would be worth around $768 million at Bitcoin’s current price.

Why Bitcoin Traders Expected A Warsh-Driven Rally

Warsh heads into his first week as Federal Reserve chair with financial disclosures showing exposure to more than 20 cryptocurrency-related projects and funds.

According to disclosure filings, Warsh and his wife collectively held at least $192 million in assets, including investments tied to Solana (SOL), Optimism (OP), Dapper Labs, Polychain Capital, and several decentralized finance projects.

Moreover, Warsh has previously framed Bitcoin less as a monetary replacement and more as a signal reflecting confidence in central bank policy. “I think of Bitcoin as a good policeman,” Warsh said in a 2025 interview. “It’s an important asset that can help inform policymakers when they are doing things right and wrong.”

He also stated that Bitcoin “does not make him nervous,” while arguing that crypto software development remains strategically important for U.S. innovation and competitiveness. 

More recently, during his confirmation hearing, Warsh said digital assets were already part of the “fabric” of the U.S. financial-services industry.

Altcoins Outperform While Bitcoin Remains Stuck

Ripple’s XRP (XRP) was the only major cryptocurrency to see a worse dip than Bitcoin. XRP’s price fell 1.5% in the last 24 hours to around $1.36. Retail sentiment around the altcoin on Stocktwits trended in ‘bearish’ territory over the past day, alongside ‘low’ levels of chatter.

Other cryptocurrencies among the top 10 by market capitalization also edged lower. Ethereum (ETH) fell around 1%, holding above $2,100, while Solana (SOL) dipped 0.6% to around $86.

Near Protocol (NEAR), Hyperliquid (HYPE), and Zcash (ZEC) outperformed Bitcoin and the broader market this week, marking new milestones. Near Protocol was among the top gainers on Friday, up 18% in the last 24 hours to around $2.18. NEAR’s price pared gains after hitting an over six-month high of $2.32. 

Hyperliquid’s price hit a new record-high of over $62, while ZEC’s price was coming off a six-month high in the previous session after the project announced that the U.S. Securities and Exchange Commission (SEC) had dropped its three-year-old probe into the Zcash Foundation. 

All three tokens have clocked double-digit gains over the past week, while Bitcoin’s price traded range-bound between $76,000 and $79,000 over the past week, down over 3% in the last seven days. 

Read also: MSTR's Michael Saylor Says Selling Bitcoin May Be Necessary To Maximize BTC-Per-Share Over Seven Years

For updates and corrections, email newsroom[at]stocktwits[dot]com