Home Coins Bitcoin (BTC) Blackrock CIO: Cryptocurrency Is Here to Stay, Bitcoin Could Replace Gold

Blackrock CIO: Cryptocurrency Is Here to Stay, Bitcoin Could Replace Gold

- Advertisement -


Blackrock’s Chief Investment Officer, Rick Rieder, said cryptocurrency, including bitcoin, “is here to stay.” In addition, he said bitcoin is a durable mechanism that could replace gold.

Blackrock on Bitcoin and Gold

Rick Rieder, Blackrock’s Chief Investment Officer (CIO) of Global Fixed Income, talked about bitcoin replacing gold in an interview with CNBC’s Squawk Box on Friday.

Blackrock is the world’s largest asset manager, with more than $7.4 trillion in assets under management as of September. Rieder is also Blackrock’s Head of the Global Allocation Investment Team in the Multi-Asset Strategies Group.

Responding to a question about the price of bitcoin and gold and whether he is a bitcoin bull, Rieder said:

I think cryptocurrency is here to stay.

Rieder elaborated: “I think it is durable, and you’ve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity — particularly millennials’ receptivity — of technology and cryptocurrency is real. Digital payment systems are real, so I think bitcoin is here to stay.”

In terms of whether he is a bitcoin bull, Rieder said: “I don’t do a lot of it, or much any of it, in my portfolios, my corporate portfolios, my business portfolios.” While stating that “It’s hard to say whether it’s [bitcoin’s] worth the price it is trading at today,” he affirmed:

But do I think it is a durable mechanism that could replace gold to a large extent? Yeah I do, because it’s so much more functional than passing a bar of gold around.

Reid’s comments were very welcome in the crypto community. Former Goldman Sachs hedge fund manager Raoul Pal tweeted:

This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in bitcoin, and upside price dislocations.

Thomas Lee, Head of Research at Fundstrat Global Advisors, commented that bitcoin is “killing it this year — it’s just crushing all other hedges and asset classes this year, but in 2021 I think bitcoin could be the year of the fireworks … the best is probably yet to come.”

The Blackrock chief investment officer’s comments followed a string of other hedge fund managers saying that they own bitcoin, including Paul Tudor Jones, Bill Miller, and Stan Druckenmiller.

What do you think about the Blackrock executive’s view on bitcoin? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





Source link

- Advertisement -
Mr Bitcointe
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
472FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,553FollowersFollow
2,230SubscribersSubscribe
USD - United States Dollar
EUR
1.20
GBP
1.33
CHF
1.11
NOK
0.11
JPY
0.01
CAD
0.77
AUD
0.74

Most Popular

How Bitcoin Development Is Evolving – and What’s Behind It Markets CoinDesk

Today I want to talk about code.I know, this newsletter is for professional investors and not developers – why aren’t we talking about...

After Ripple exec declares Bitcoin maximalism ‘over,’ XRP price surges

In a podcast for Lend Academy recorded Nov. 5, RippleNet general manager Asheesh Birla called Bitcoin (BTC) a “pretty innovative alternative to gold,”...

Pizza Hut to accept Bitcoin for pies in Venezuela

A famous U.S.-based pizza chain has begun accepting cryptocurrency payments in all its stores in Venezuela.According to a Nov. 27 tweet from crypto services...
bitcoin
Bitcoin (BTC) $ 18,205.98
ethereum
Ethereum (ETH) $ 574.23
ripple
XRP (XRP) $ 0.610744
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 285.64
bitcoin-cash-sv
Bitcoin SV (BSV) $ 169.33
litecoin
Litecoin (LTC) $ 79.89
eos
EOS (EOS) $ 3.04
binancecoin
Binance Coin (BNB) $ 30.29
okb
OKB (OKB) $ 5.33
tezos
Tezos (XTZ) $ 2.36
leo-token
LEO Token (LEO) $ 1.35
cardano
Cardano (ADA) $ 0.165720
monero
Monero (XMR) $ 123.55
stellar
Stellar (XLM) $ 0.194993
chainlink
Chainlink (LINK) $ 13.23
huobi-token
Huobi Token (HT) $ 4.08
tron
TRON (TRX) $ 0.030636
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 107.69
neo
NEO (NEO) $ 17.66
iota
IOTA (MIOTA) $ 0.341320
nem
NEM (XEM) $ 0.177002
zcash
Zcash (ZEC) $ 74.52
maker
Maker (MKR) $ 544.26
paxos-standard
Paxos Standard (PAX) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 6.42
vechain
VeChain (VET) $ 0.015188
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 4.29
kucoin-shares
KuCoin Shares (KCS) $ 0.800269
waves
Waves (WAVES) $ 7.00