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

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Blackrock’s Chief Investment Officer, Rick Rieder, mentioned cryptocurrency, together with bitcoin, “is here to stay.” In addition, he mentioned bitcoin is a sturdy mechanism that would change gold.

Blackrock on Bitcoin and Gold

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

Blackrock is the world’s largest asset supervisor, with greater than $7.four trillion in belongings beneath administration as of September. Rieder can be Blackrock’s Head of the Global Allocation Investment Team within the Multi-Asset Strategies Group.

Responding to a query in regards to the worth of bitcoin and gold and whether or not he’s a bitcoin bull, Rieder mentioned:

I believe cryptocurrency is right here to remain.

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 phrases of whether or not he’s a bitcoin bull, Rieder mentioned: “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 believe it’s a sturdy mechanism that would change gold to a big extent? Yeah I do, as a result of it’s a lot extra practical than passing a bar of gold round.

Reid’s feedback had been very welcome within the crypto group. Former Goldman Sachs hedge fund supervisor Raoul Pal tweeted:

This is large information. This is the biggest asset administration agency on earth. 2021 is setting as much as be a 12 months of extreme provide shortages vs. demand in bitcoin, and upside worth 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 funding officer’s feedback adopted a string of different hedge fund managers saying that they personal bitcoin, together with Paul Tudor Jones, Bill Miller, and Stan Druckenmiller.

What do you concentrate on the Blackrock government’s view on bitcoin? Let us know within the feedback part under.

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