Higher real interest rates mean the actual cost of borrowing money after accounting for inflation is elevated. Think of it as the "true" interest rate that hits your finances harder. When real rates are elevated, businesses and investors typically scale back exposure to risky investments such as bitcoin. All this makes a potential Warsh pick as ironic, as the former Fed governor's hawkish record clashes sharply with Trump's reflationary, pro-risk asset playbook. Thankfully, even as Fed chair, Warsh cannot dictate rates alone, as the Board of Governors votes collectively, diluting any single voice.