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

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

Blackrock’s Chief Investment Officer, Rick Rieder, stated cryptocurrency, together with bitcoin, “is right here to remain.” In addition, he stated 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 property below administration as of September. Rieder can also be Blackrock’s Head of the Global Allocation Investment Team within the Multi-Asset Strategies Group.

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

I feel cryptocurrency is right here to remain.

Rieder elaborated: “I feel it’s sturdy, and also you’ve seen the central banks which have talked about digital currencies. I feel digital foreign money and the receptivity — significantly millennials’ receptivity — of know-how and cryptocurrency is actual. Digital fee programs are actual, so I feel bitcoin is right here to remain.”

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In phrases of whether or not he’s a bitcoin bull, Rieder stated: “I don’t do a number of it, or a lot any of it, in my portfolios, my company portfolios, my enterprise portfolios.” While stating that “It’s exhausting to say whether or not it’s [bitcoin’s] definitely worth the value it’s buying and selling at right now,” he affirmed:

But do I feel it’s a sturdy mechanism that … do I feel may 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 big information. This is the most important asset administration agency on earth. 2021 is setting as much as be a yr of extreme provide shortages vs. demand in bitcoin, and upside value dislocations.”

Thomas Lee, Head of Research at Fundstrat Global Advisors, commented that bitcoin is “killing it this yr — it’s simply crushing all different hedges and asset lessons this yr, however in 2021 I feel bitcoin may very well be the yr of the fireworks … the very best might be but to return.”

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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 consider the Blackrock government’s view on bitcoin? Let us know within the feedback part beneath.

The submit Blackrock CIO: Cryptocurrency Is Here to Stay, Bitcoin Could Replace Gold appeared first on Bitcoin News.

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