Executive at World’s Largest Asset Manager Says Bitcoin Can Replace Gold
Posted on November 20th, 2020 by Kyle Torpey and filed under Bitcoin.
BlackRock CIO Rick Rieder shared some positive remarks about bitcoin with CNBC’s Squawk Box earlier today. BlackRock is the world’s largest asset manager with $7.4 trillion of assets under management as of the end of 2019.
Here are some of Riedger’s comments about bitcoin made on CNBC earlier today: “I think cryptocurrency is here to stay, and I think it is a durable, and you’ve seen the central banks that have talked about digital currencies, I think digital currencies and the receptivity, particularly millennials’ receptivity of technology and cryptocurrency is real. Digital payment systems [are] real. So, I think bitcoin is here to stay. Am I a bitcoin bull? I mean, I don’t do a lot of it or have much of any of it in my portfolios, my corporate portfolios, my business portfolios. You know, it’s hard to say [if] it’s worth the price it’s trading at today. But do I think it’s a durable mechanism that I think will 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 added that he’s not sure he understands how people are valuing the crypto asset. Additionally, he sees the traceability of the Bitcoin blockchain as a positive.
A video clip of Rieder’s bitcoin comments on Squawk Box is embedded below:
Kyle is the creator of The Crypto Feed. Before founding The Crypto Feed, Kyle was a longtime freelance Bitcoin writer at places like Forbes and Bitcoin Magazine.