Blackrock’s Chief Investment Officer, Rick Rieder, said cryptocurrency, including bitcoin, “is here to stay.” In addition, he said bitcoin is a durable mechanism that could replace gold.

Blackrock on Bitcoin and Gold

Rick Rieder, Blackrock’s Chief Investment Officer (CIO) of Global Fixed Income, talked about bitcoin replacing gold in an interview with CNBC’s Squawk Box on Friday.

Blackrock is the world’s largest asset manager, with more than $7.4 trillion in assets under management as of September. Rieder is also Blackrock’s Head of the Global Allocation Investment Team in the Multi-Asset Strategies Group.

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

I think cryptocurrency is here to stay.

Rieder elaborated: “I think it is durable, and you’ve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity — particularly millennials’ receptivity — of technology and…

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Source: https://news.bitcoin.com/blackrock-cryptocurrency-bitcoin-replace-gold/