On Thursday (2 February 2023), the Bitcoin price surged above the $24,000 level for the first time since 16 August 2022, partly thanks to the comments made yesterday by Federal Reserve Chair Jerome Powell during the FOMC press conference.

Yesterday, after the Fed announced a 25 basis points interest rate hike, Powell said during the FOMC press conference (which started at 7:30 p.m. UTC):

We can now say, I think for the first time, that the disinflationary process has started… we see it really in goods prices.

According to data from TradingView, the Fed’s dovish stance helped Bitcoin to spike above the $24,000 level around five hours after the start of the FOMC press conference, reaching as high as $24,193 by 00:50 a.m. on 2 February 2023:

Source: TradingView

Here is what some popular crypto analysts are saying about Bitcoin’s recent price action:

In an op-ed piece for the Wall Street Journal that was published yesterday, Charlie Munger wrote that Bitcoin should be banned:

Instead, it’s a gambling contract with a nearly 100% edge for the house, entered into in a country where gambling contracts are traditionally regulated only by states that compete in laxity… The U.S. should now enact a new federal law that prevents this from happening.

MicroStrategy’s Co-Founder and Executive Chairman Michael Saylor pointed out that that the FASB is planning to issue a proposal requiring companies to use fair-value accounting for Bitcoin: