Rick Rieder emerges as a leading candidate for Fed chair... attention on his Bitcoin-friendly comments

Rick Rieder, BlackRock’s chief investment officer (CIO), is being mentioned as a candidate to succeed as chair of the US Federal Reserve (Fed), and an assessment has emerged that his past remarks could create a favorable environment for Bitcoin (BTC).

On the 27th (local time), cryptocurrency-focused US media outlet CoinDesk reported: “Rick Rieder has publicly spoken about Bitcoin’s role and utility, and the possibility of his appointment as Fed chair could be interpreted positively for the Bitcoin market.”

Rieder said in 2020 that “Bitcoin can become a store of value that can replace gold, and is far more practical than moving physical gold.”

He also said in a recent CNBC interview that “Bitcoin, along with gold, can be part of an investment portfolio and can contribute to portfolio stability.”

The outlet explained: “The Fed chair is a position that exerts significant influence not only over benchmark interest-rate decisions but also across financial markets and the direction of the economy,” adding that “it is unusual for someone who has publicly expressed a relatively positive view of Bitcoin to hold the post.”

However, the White House has not yet stated an official position regarding the selection of the Fed chair, and Rieder himself and BlackRock are also refraining from commenting on the speculation.