Kevin Warsh on Bitcoin: The Complete Record of Quotes (2018–2026)

Kevin Warsh is the nominee for Federal Reserve Chair, tapped by President Donald Trump in January to succeed Jerome Powell when his term expires in May 2026. 

Kevin Warsh is a Bitcoin believer. But what has he actually said about Bitcoin and cryptocurrency? Let’s explore how he views Bitcoin and cryptocurrency in his own words. 

Table of Contents

• 2018: Bitcoin as a “sustainable store of value, like gold”
• 2021: “If you’re under 40, Bitcoin is your new gold”
• 2022: “Cryptocurrencies are software” 
• 2025: Bitcoin as a “good policeman” for federal policy
• Warsh’s career and background
• Reaction to Warsh’s nomination
• Warsh has always been consistent about Bitcoin

2018: Bitcoin as a “sustainable store of value, like gold”

In an opinion piece for the Wall Street Journal in 2018, titled The Meaning of Bitcoin’s Volatility, Warsh notes: 

“Bitcoin, despite its name, isn’t money. Its price volatility significantly diminishes its usefulness as a reliable unit of account or an effective means of payment. Bitcoin might, however, serve as a sustainable store of value, like gold.”

2021: “If you’re under 40, Bitcoin is your new gold”

In an interview on CNBC’s “Squawk Box” in January 2021, Warsh discussed the weakening U.S. dollar and investors’ search for safe-haven assets. He made the point that while older generations might still run to precious metals like gold, younger investors viewed Bitcoin and other digital assets as a superior alternative, saying, “If you’re under 40, Bitcoin is your new gold.” 

2022: “Cryptocurrencies are software”

In another Wall Street Journal op-ed, this time from 2022, Warsh defined cryptocurrencies not as “money” but as “software.” 

Titled “America Needs a Better Digital Dollar,” Warsh warned not to be “deceived by the numerous private cryptocurrencies circulating while masquerading as currency. Most are scams or worthless. The very term ‘cryptocurrency’ is misleading. It is neither secretive nor a currency. Cryptocurrencies are software.” 

This is perhaps the most critical nuance in Warsh’s view, though it rarely makes headlines. He draws a sharp line between crypto as ‘money’ (which he views as a fallacy) and crypto as ‘software’ (which he views as a breakthrough). 

While he often dismisses the former as ‘speculative excess’ or ‘masquerading as money in some form of circulation,’ he is deeply bullish on the latter, calling blockchain the ‘newest, coolest software’ for the global economy. 

The major exception to his skepticism is Bitcoin. Unlike other tokens he deems ‘scams or worthless,’ he uniquely acknowledges Bitcoin as a legitimate rival to gold.

The geopolitical threat of the Digital Yuan

This article was written in 2022, just as China was accelerating the development of its central bank digital currency, the digital yuan (e-CNY). Warsh identified this not merely as a technological update, but as a direct geopolitical threat to U.S. dollar hegemony.

He warned that if the digital yuan were to become the standard for international trade (particularly across emerging markets), it could erode the dollar’s status as the global reserve currency. Warsh argued that this is a matter of monetary sovereignty: to maintain its lead, the U.S. cannot rely on legacy systems. Instead, he contended, America must proactively build a superior, privacy-centric U.S. digital dollar to secure its position in the future of global finance.

2025: Bitcoin as a “good policeman” for federal policy

In a 2025 Uncommon Knowledge interview by Peter Robinson for the Hoover Institution, Warsh contrasted his view with the late Charlie Munger’s hostility toward crypto. While Munger called it “evil,” Warsh argued it could provide “market discipline” or signal that fiscal policy needs fixing.

“Charlie Munger attacked Bitcoin. He called it evil, in part because it would begin to undermine the Fed’s ability to manage the economy”.

To which Warsh replied: “Or it could provide market discipline, or it could tell the world things need to be fixed.”

“Bitcoin does not make you nervous?” asked Robinson. Warsh responded:

Warsh’s career and background

Kevin Warsh holds an undergraduate degree from Stanford and a law degree from Harvard. He spent his early career in mergers and acquisitions at Morgan Stanley before moving to Washington. In 2006, at age 35, President George W. Bush appointed him to the Federal Reserve Board of Governors. He served until 2011, acting as a key liaison to Wall Street during the 2008 financial crisis. Since leaving the Fed, he has returned to the private sector and serves as a visiting fellow at the Hoover Institution.

Since resigning from the Board in 2011, Warsh has bridged the gap between academia and high finance. He serves as a Distinguished Visiting Fellow at Stanford’s Hoover Institution and as a lecturer at the Graduate School of Business. In the private sector, he became a partner at the Duquesne Family Office (advising legendary investor Stanley Druckenmiller) and has served on the boards of major corporations like UPS.

Reaction to Warsh’s nomination

When President Donald Trump nominated Kevin Warsh in January 2026, the crypto market immediately plunged, shedding over 10% in value.

This sell-off happened for two main reasons. First, investors were rattled by Warsh’s preference for Central Bank Digital Currencies (CBDCs) over private stablecoins. To many in the industry, a government-backed digital dollar is anathema to the decentralized ethos of Bitcoin, and they fear that Warsh could regulate private competitors out of existence.

Second, markets were spooked by his reputation as a monetary “hawk.” While Trump has publicly pushed for lower interest rates, Warsh has historically argued for tighter money and a smaller Fed balance sheet. This surprised investors who expected a “dove” to pump liquidity into the market. Instead, they got a nominee who believes in hard money—a stance that typically drags down the price of speculative assets like cryptocurrency.

Warsh has always been consistent about Bitcoin

Looking back over nearly a decade of public statements, Kevin Warsh has remained remarkably consistent in his philosophy on Bitcoin and cryptocurrencies. While other policymakers have flip-flopped, Warsh has held a steady line: he values Bitcoin as a store of value but doubts its ability to function as currency.

His stance can be broken down into three main pillars:

• Pro-Bitcoin (Digital Gold): Warsh has consistently argued that Bitcoin is a legitimate store of value. He views it as “the new gold” for younger generations—a necessary hedge against inflation and a “policeman” that signals when government policy is failing.
• Pro-Blockchain (The Software): He separates speculative trading from the underlying technology. To him, blockchain isn’t magic money; it is superior software that can upgrade the “rails” of the global financial system.
• The “Digital Dollar” Solution: Warsh is skeptical of private cryptocurrencies replacing national currencies. Instead, he argues the U.S. must build its own “Digital Dollar” (CBDC) to maintain American leadership and compete directly with China’s digital yuan.

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