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Blackrock CIO: Cryptocurrency is here to stay, bitcoin can replace gold

Blackrock's chief investment officer, Rick Ridder, said cryptocurrency, including bitcoin, "is here to stay." In addition, he said that bitcoin is a sustainable mechanism that can replace gold. [१ ९ ६५ ९ ००३] Blackrock on Bitcoin and Gold [१ ९ ६५ ९ ००४] Rick Ridder, Blackcore's Chief Investment Officer (CIO) of Global Fixed Income, spoke in an interview with Gold in place of Bitcoin. CNBC's squawk box on Friday. [१ ९ ६५ ९ ००५] Blackrock is the largest asset manager in the world, having more than $ 0.6 trillion in assets under management in September. BlackRock is the head of the Reader Global Allocation Investment Team in the Multi-Asset Strategies Group.

Responding to a question about the price of bitcoin and gold, whether he is a bitcoin bull, Rieder said:

I think cryptocurrency is here to stay. [१ ९ ६५ ९ ०० el] Reader went on to elaborate: "I think it's sustainable, and you've seen central banks talking about digital currencies. I think digital currency and receptivity – especially the millennium's receptivity – technology. And cryptocurrency is real. Digital payment systems are real, so I think bitcoin is here to stay. "

In terms of whether he is a bitcoin bull, Ridder said:" I don't do a lot of it, or out of it. Anyone, my portfolio, my corporate portfolio, my business department. "Saying" It's hard to say whether this [bitcoin’s] is worth it in today's business, "he confirmed:

But do I think Is that it's a durable mechanism … do I think it can replace gold to a great extent.? Yes, I do, because it's a lot more functional than crossing the gold bar. [19659007] Reid's comments were very welcome in the crypto community. Raul Pal, former Goldman Sachs hedge fund manager, tweeted: "This is huge news. Is. It is the largest asset management firm on earth. Bitcoin demand in 2021 is likely to be a year of severe supply shortages versus demand, and price fluctuations. "

Thomas Lee, head of Fundstrat Global Advisors, commented that bitcoin is" killing it this year – it's just. " Crushing all other hedges and asset classes this year, but in 2021 I think Bitcoin could be the year of fireworks … the best probably hasn't come yet. "

Blackrock's chief investment officer's comments followed a string of other hedge fund managers. Saying that he was Paul Tudor Jones Bill Miller and Stan Druckenmiller (19459009) ] [194590021] Including Bitcoin Owners. Blackrock executive's viewpoint on bitcoin? Tell us in the comments section below.

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