On Friday, Kevin Warsh was nominated by President Trump as the new Chairman of the Federal Reserve, an appointment which is reportedly good news for the crypto community.

According to a story from Yahoo Finance, Warsh views Bitcoin as a “strategic tool for central banks rather than a threat to the financial system or a competitor to the dollar.”

“I think it can often be a very good policeman for policy,” Warsh said of crypto, adding that it provides necessary “market discipline.”

“Bitcoin does not make me nervous,” Warsh notably said when asked directly about the volatility of cryptocurrency, saying he does not value it as a substitute for the dollar but rather another asset for the global economy to utilize.

Most importantly, Warsh sees Bitcoin as a matter of “national economic competitiveness” as the United States tries to stay ahead of the game as compared to enemies across the globe. Clearly, crypto is not going away and the United States will be better served by using Bitcoin as an asset rather than running from it.

Warsh is a former Morgan Stanley broker as well as being involved with the Hoover Institution, even serving as the youngest Governor in Federal Reserve history at age 35 from 2006 until 2011.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen,” Trump wrote on Truth Social upon announcing the nomination.