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 frontrunner in prediction markets to replace Jerome Powell as Federal Reserve Chair under President Trump. Rieder is notable for his supportive view of cryptocurrencies, having argued since 2020 that Bitcoin will replace gold as a store of value due to its functionality, and recently suggesting it belongs in a balanced portfolio alongside gold for portfolio ballast. While Rieder shares Trump's frustration with the Fed's slow interest rate cuts, his direct influence on crypto regulation is uncertain, as the Fed Chair often delegates supervisory matters. However, having a staunch Bitcoin advocate in the highly visible role of Fed Chair would be unprecedented and could influence the broader economic narrative. Trump's criticism of Powell has intensified, even leading to a DOJ investigation into building renovations, prompting Powell to defend the Fed's independence in setting rates.
(Source：CoinDesk)