Bitcoin prices jumped 4% on Friday to over $ 18,700 – closer to the record of about $ 20,000 from December 2017 – after Black stone (Fixed-income chief investment officer Rick Reeder told CNBC in an interview that bitcoin is here to stay. )
“Do I think it’s a durable mechanism that can largely take the place of gold? Yes, I think because it’s much more functional than passing a bar of gold around,” Reeder said.
BlackRock’s support, which manages nearly $ 8 trillion in assets, is the latest sign of bitcoin validation from the major financial world.
Square ( and )PayPal ( have approved it as a viable form of payment, and influential hedge fund managers Stanley Drakenmiller and Paul Tudor Jones have highlighted it as an investment. )
Still, gold also rose on Friday. Gold and bitcoins took advantage of the weaker dollar. Investors are increasingly seeing bitcoins as a viable alternative to government-backed paper currencies.