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BlackRock’s Chief Investment Officer Says Bitcoin Could Replace Gold to a Large Extent

Daniel Palmer
·1 min read

The chief decision maker for where BlackRock, the world’s largest asset manager, invests its funds said bitcoin could take the place of gold to a large extent because crypto is “so much more functional than passing a bar of gold around.”

  • Speaking during CNBC’s Squawk Box on Friday, BlackRock CIO of Fixed Income Rick Rieder responded to a question asking if governments might try to regulate bitcoin if its price keeps rallying.

  • “I think cryptocurrency’s here to stay, I think it is … durable,” he said.

  • Alongside central banks developing digital currencies, millennials’ “receptivity” to technology and cryptocurrency “is real, digital payments systems is real,” Rieder said.

  • “Do I think it’s a durable mechanism that … could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around,” Rieder said.

  • The CIO balanced that by saying he’s not particularly a bitcoin bull and doesn’t include it much in business and corporate portfolios. Further, it’s not clear if bitcoin is worth its current price of over $18,000 price, he said.

  • At press time, bitcoin was at $18,550.01, up 2.75%.

UPDATED 11/20/20 at 14:43 UTC: adds that BlackRock is the world’s largest asset manager.

See also: Morgan Creek CEO Says Bitcoin Doing ‘Extremely Well’ Due to Fed Reserve’s Dollar Devaluation

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