BlackRock's Rieder is frontrunner for Powell replacement. Here's what it means for crypto
BlackRock's Rick Rieder, a leading candidate for Fed Chair, is known for his pro-crypto stance, viewing Bitcoin as the new gold.Summary
Rick Rieder, BlackRock's chief investment officer for global fixed income, has emerged as a leading favorite to replace Jerome Powell as Federal Reserve Chair under President Trump, according to prediction markets.
Rieder is notably supportive of cryptocurrencies, having argued since 2020 that Bitcoin would replace gold as a store of value due to its functionality, and recently suggested it should be part of a balanced portfolio. While his crypto enthusiasm could signal a shift in tone for the Fed, his direct influence on regulatory matters like stablecoins might be limited, as supervision is often deferred to the vice chair.
The appointment is significant because the Fed Chair holds an outsized voice on the U.S. economy, and a staunch Bitcoin advocate in that role would be unprecedented. Trump has frequently criticized Powell, leading to market volatility and even an investigation into Powell's public statements regarding Fed building renovations.
(Source：CoinDesk)