BlackRock CIO's potential Fed chair nod seen as bullish for Bitcoin

Rick Rieder, the Chief Investment Officer (CIO) of BlackRock, is emerging as a notable candidate for the next Federal Reserve Chair, a development that could be a positive catalyst for Bitcoin, according to CoinDesk. The outlet highlighted that Rieder has frequently spoken about the merits of the cryptocurrency. As early as 2020, Rieder predicted that Bitcoin could become a store of value that surpasses gold, noting it is far more practical than exchanging gold bars. More recently, he stated in an interview with CNBC that Bitcoin should be part of a sensible investment portfolio, adding that both Bitcoin and gold contribute to portfolio stability. The report explained that the Fed Chair holds significant influence over the cryptocurrency space. In addition to being a key policymaker, the chair has a powerful impact on the health and direction of the U.S. economy. The appointment of a strong Bitcoin advocate to this position would be an unprecedented event, the media outlet concluded.