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Rick Rieder, a prominent candidate among President Donald Trump’s potential nominees for the FED chairmanship, is drawing attention with his statements regarding Bitcoin (BTC).
The forecasting markets currently show a 46% probability of Rick Rieder being nominated as FED Chairman.
Rieder, who is BlackRock’s investment director responsible for global fixed income assets, describes Bitcoin as “the new gold” and argues that it should be included in portfolios. Rieder has long been among those who take a positive view of crypto assets.
As early as 2020, in a CNBC interview, Rieder stated that Bitcoin would replace gold as a store of value. He described it as “much more functional than passing a gold bar around,” and in more recent statements, he has characterized Bitcoin and gold as “balancing elements” in a portfolio. In September, when Bitcoin was above $112,000, Rieder predicted a price increase, highlighting the asset’s long-term potential. Bitcoin has recently been trading around $88,000 due to geopolitical risks and tariff concerns.
Trump needs to make a decision before Federal Reserve Chairman Jerome Powell’s term expires on May 15. Trump, who first appointed Powell to the position, has frequently targeted the central bank chairman since, criticizing him for being slow to cut interest rates. In a statement at Davos, Trump described Rieder as “very impressive.”
While the Fed chairman’s direct regulatory influence on crypto markets is limited, his statements on monetary policy and the economic outlook are of great importance to the markets. Therefore, the appointment of someone who openly supports Bitcoin to head the Fed could be a symbolic first. Whether Powell will remain on the board after leaving the chairmanship remains uncertain; this decision is seen as critical for Trump to be able to make new appointments.
*This is not investment advice.
cointelegraph.com