Blackrock CIO Rick Rieder said today on CNBC that Bitcoin could replace gold—adding that’s it’s “here to stay.”
Bitcoin—and by some extension the wider cryptocurrency industry—has received praise from several high profile names in the traditional finance world in recent months. The likes of MicroStrategy CEO Michael Saylor and billionaire investor Stanley Druckenmiller are two of many who have become outspoken Bitcoin advocates. Now, it seems, Bitcoin has another fan.
BlackRock’s CIO believes Bitcoin could replace Gold.
“I think crypto is here to stay.”
BlackRock has $7.3 trillion AUM. pic.twitter.com/q7nMFpgeVY
— Yano (@JasonYanowitz) November 20, 2020
“I think cryptocurrency is here to stay,” Rieder said. He pointed out that Bitcoin is a durable mechanism that could take the place of gold in the future.
“I think Bitcoin is here to stay,” he said, adding, “It’s so much more functional than passing a bar of gold around.”
However, Rieder also declared that he “doesn’t do a lot” of Bitcoin, and that the cryptocurrency doesn’t feature heavily in his business or corporate portfolios.
Perhaps that will change if Bitcoin does eventually replace gold.