BlackRock CIO: Bitcoin Will Replace Gold Because it is So Much More Functional

2020-11-21 22:12

In 2020, everyone is finding a soft spot for Bitcoin. The latest one to join the ranks is BlackRock.

In an interview with CNBC this morning, BlackRock, CIO of Fixed Income Rick Rieder said Bitcoin and cryptocurrencies are here to stay.

Talk about a sharp U-turn, although not at all surprising for the bitcoin community given all the new bitcoiners we see this year thanks to the fiat devaluation and bitcoin’s over 150% YTD rally to $18,500.

BlackRock is the world's largest asset manager, with $7.4 trillion in AUM as of end-Q4 2019, whose CEO Larry Fink said in 2018 that they are evaluating cryptocurrencies but don’t see “huge demand” for them.

Last year, the company's global chief investment strategist said they see them “potentially becoming more widely used in the future as the markets mature,” Richard Turnill warned that one should invest only if you’re ready for “complete losses.”

"It's hard to say whether it's [#btc] worth the price it is trading at today. But do I think it is a durable mechanism that–do I think could replace gold to a large extent? Yeah I do, because it's so much more functional," says BlackRock's Rick Rieder. #bitcoin #cryptocurrency. pic.twitter.com/ipwr22xwZ1

— Squawk Box (@SquawkCNBC) November 20, 2020

Now, Rieder said that “millennial receptivity of technology and cryptocurrency is real, and the digital payments system is real, so I think the bitcoin system is here to stay.”

As for being a bitcoin bull, he isn’t really sure bitcoin is worth the price it is trading today. But Reider’s vague statements suggest he might be a closeted bitcoiner and not ready to reveal it to the world yet. He said,

“I don’t do a lot of it or much any of it.”

Like everyone, JPMorgan and Deutsche, he also sees Bitcoin replacing the precious metal – the traditional safe-haven asset with advantages over gold. He said,

“Do I think it is a durable mechanism that will take the place of gold to a large extent.. yeah I do because it is so much more functional than passing a bar of gold around.”

BlackRock is already getting exposure to Bitcoin via MicroStrategy, in which it has a 15.24% stake, and Vanguard Group holds an 11.72% stake. In August, the software company replaced cash with Bitcoin in its balance sheet as a reserved asset.

The post BlackRock CIO: Bitcoin Will Replace Gold Because it is So Much More Functional first appeared on BitcoinExchangeGuide.

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