Blackrock’s chief investment officer Rick Rieder said cryptocurrency, including bitcoin, “is here to stay.” Additionally, he said bitcoin is a sustainable mechanism that could replace gold.
Blackrock on Bitcoin and Gold
Rick Rieder, Chief Investment Officer (CIO) of Blackrock at Global Fixed Income, spoke about replacing gold with Bitcoin 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 in September. Rieder is also head of Blackrock’s global allocation investment team within the Multi-Asset Strategies group.
Responding to a question about the price of bitcoin and gold and if he is a buyer on bitcoin, Rieder said:
I think cryptocurrency is here to stay.
Rieder explained, “I think it’s sustainable, and you’ve seen central banks talking about digital currencies. I think digital currency and the receptivity – especially the receptivity of millennials – of technology and cryptocurrency is real. Digital payment systems are real, so I think bitcoin is here to stay. “
As to whether he’s a Bitcoin bull, Rieder said, “I don’t do a lot, or not a lot, in my wallets, my corporate wallets, my business wallets.” While stating that “it is difficult to say whether [le bitcoin] worth the price it is trading at today, ”he said:
But do I think this is a durable mechanism that could replace gold to a large extent? Yes, because it’s so much more functional than passing a gold bar.
Reid’s comments were welcome in the crypto community. Former Goldman Sachs hedge fund manager Raoul Pal tweeted:
This is huge news. It is the largest asset management company in the world. 2021 is shaping up to be a year of severe supply shortages relative to demand for bitcoin and upward price dislocations.
Thomas Lee, head of research at Fundstrat Global Advisors, said bitcoin “is killing it this year – it’s just crushing all other hedges and asset classes this year, but in 2021 I think the bitcoin could be the year of fireworks … probably yet to come.
The comments from Blackrock’s chief investment officer followed a string of other hedge fund managers claiming they owned bitcoin, including Paul Tudor Jones, Bill Miller and Stan Druckenmiller.
Par Kevin Helms, Bitcoin.com » article in english
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