A turbulent power transition is unfolding in Washington—over the next few years, the flow of global funds will likely depend on the battle for the next Federal Reserve Chair.

According to the latest information, current Fed Chair Jerome Powell is expected to leave after his term ends in May due to involvement in an investigation. The competition for his successor has already entered a heated phase, with three candidates each holding their own cards.

**Who will sit in the Fed Chair position?**

First is the widely favored BlackRock executive, Reid. This traditional asset management giant's leader has almost no government experience, making him a complete "outsider." But this is precisely his advantage—he comes from BlackRock, which recently received approval to launch a Bitcoin spot ETF, and has a much deeper understanding of the digital asset ecosystem than traditional financial bureaucrats. If he takes the helm at the Fed, it could mean that cryptocurrencies receive an "official endorsement" from the highest financial decision-making level.

Next is Haskett, a former economic advisor to Trump and a pure political insider. If he takes office, the independence of the Fed will be significantly diminished, and policies are likely to favor government fiscal expansion and liquidity injections. This could lead to a large-scale money-printing cycle, directly catalyzing narratives around "inflation-resistant assets" like Bitcoin.

There is also a dark horse who is often overlooked—current Fed Governor Waller, who is well known in the crypto community. He has publicly stated the need for more aggressive rate cuts to prevent a recession and is regarded as a "dove" within the industry. Coming from within the Fed, he can ensure policy continuity, and his advocacy for rate cuts is itself beneficial for liquidity-dense asset classes.

**Who takes office, and how will the market move?**

If it’s Reid: The collision point between traditional finance and the crypto world will be intense. His expertise in bonds could accelerate the start of a rate-cutting cycle, and BlackRock’s background suggests institutional-level crypto asset allocations will become more policy-friendly. This could mark a critical point where the crypto market shifts from "wild growth" to "mainstream acceptance."

If it’s Haskett: The Fed becomes a tool for fiscal policy and money printing. Excess liquidity will directly boost demand for all hedging assets, and Bitcoin’s narrative as "digital gold" for value storage will be reinforced. But this also brings increased policy uncertainty and regulatory battles.

If it’s Waller: Although the candidate is from within the Fed, his clear dovish stance is a long-term positive for the crypto market. Expectations of interest rate environment shifts always act as catalysts for risk assets.

Regardless of who ultimately takes the position, one thing is certain: this round of Fed leadership transition is not only a macro financial restructuring but also a watershed moment for the crypto market’s policy recognition. The cycles of rate cuts, liquidity expectations, and regulatory attitudes will all be re-priced. For investors, this moment warrants close attention—every transfer of central bank power has historically been a key window for redistributing wealth.