Rick Rieder Moves Closer to the Fed Chair

Rick Rieder, BlackRock’s Chief Investment Officer for Global Fixed Income, is increasingly being mentioned as a leading contender in Donald Trump’s search for a new Chair of the U.S. Federal Reserve. His growing prominence is also reflected in prediction markets, where he has quickly surged to the top.

Rieder has spoken positively about cryptocurrencies for years. As early as 2020, he suggested that bitcoin could take over gold’s role as a store of value, arguing that it is simply more practical to use. In later comments, he emphasized that both bitcoin and gold can serve as stabilizing assets within an investment portfolio.

Donald Trump must decide on a new Fed chair before May 15, when Jerome Powell’s term expires. Although Trump originally appointed Powell, he later became one of his most vocal critics, frequently attacking his policies in harsh public statements.

Rieder himself has said that merely being mentioned among the candidates is a great honor. He also shares Trump’s frustration with the slow pace of interest rate cuts. During a visit to Davos, Trump described Rieder as “very impressive,” a moment that coincided with a sharp jump in Rieder’s odds on Polymarket—from under 3 percent to a peak of 53 percent. They currently stand at around 48 percent.

While the role of Fed chair carries significant influence over monetary policy and the broader regulatory direction, Rieder’s enthusiasm for cryptocurrencies would not necessarily translate directly into new regulations. Regulatory oversight remains under the authority of Vice Chair Michelle Bowman.

Still, the importance of the position goes well beyond administrative decisions. The Chair of the Federal Reserve is one of the most influential voices in discussions about the current state and future of the U.S. economy. Having someone openly supportive of bitcoin in that role would be unprecedented.

There is also uncertainty surrounding Jerome Powell’s future. After stepping down as chair, he could remain on the Board of Governors for another two years. That would allow him to continue influencing interest rate decisions and potentially limit the room for a new Trump nominee.