DOJ probe around the Fed fuels fresh $1M Bitcoin calls

The spark was a probe tied to testimony by Fed Chair Jerome Powell about the central bank’s building renovations. In a statement on the Fed’s website, Powell said the Justice Department served the Fed with grand jury subpoenas and warned of potential criminal charges. He called the situation unprecedented and linked it directly to pressure connected to interest-rate policy.

The story stretches back to last summer’s Senate scrutiny. During the semiannual monetary policy hearings, Powell fielded questions about the reconstruction of the Fed’s headquarters. In a letter from committee chair Tim Scott dated July 23, 2025, the Fed chair is described as rejecting claims of “luxury” upgrades. Powell’s position, as cited there, is that the project does not add VIP spaces or new marble. Instead, existing marble is removed and then put back.

This is the kind of moment Bitcoin maximalists seize on. For them, any “crack” in the Fed is proof that fiat systems are fragile. In their view, money rests on trust in state institutions. If political pressure can put central-bank independence in play, that trust looks less solid. And if the rules can shift because of a fight over rates or a reputational campaign, fiat starts to look vulnerable by design.

From that angle, Bitcoin is pitched as an asset “outside the system,” with a supply that is known in advance. That’s why it gets paired with gold again, and why the $1 million target returns to the conversation.

You can see the same safety reflex in metals: gold and silver have been pushing to record highs as investors worry about the Fed’s standing.

Then come the forecasts. Bulls point to the fixed supply of bitcoin and debate whether it can act as insurance against a more politicized monetary regime. ARK, for example, publishes a bull-case path of roughly $1.5 million per coin by 2030. Arthur Hayes argues that dollar liquidity will “bring Bitcoin back to life.” And Michael Saylor keeps warning about a trajectory toward $1 million by the end of the decade.

For now, the market is still tethered to macro and politics: sharp headlines can push prices higher fast and cool them just as quickly.