July 31, 2021

Bitcoin could replace gold and cryptocurrency is here to stay

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

Interested in cryptocurrencies? Coinsquare is Canada’s most secure platform for buying and selling Bitcoin, Litecoin, and other digital currencies. ” Start now

coinsquare cryptocurrency canada

Keep your cryptocurrencies safe!

The Ledger Wallet is the cryptocurrency wallet most advanced for storing and using crypto-currencies safely.” Visit the official website

ledger wallet nano s electronic wallet

The Ledger Wallet Nano S integrates applications for Bitcoin, Litecoin, Ethereum, Ripple, TRON (TRX), Zcash, Dash and can also be used for other cryptocurrencies. (See the full list for reference at the bottom of the page.) You can send and receive payments, administer your accounts, and keep your keys offline.

To get the Ledger Wallet Nano S » Visit the official website

Disclaimer: The information and opinions contained in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency contracts or CFDs. Although the information contained in this document has been taken from sources believed to be reliable, the author does not guarantee its accuracy or completeness, and assumes no responsibility for any direct, indirect or consequential damages that may result from the fact that someone relies on such information.