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Bitcoin is rising again after BlackRock says it can replace gold



Bitcoin prices jumped 4% on Friday to over $ 18,700 – closer to the record of about $ 20,000 from December 2017 – after Black stone (BLACK)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.
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Square (SQ) and PayPal (PYPL) 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.

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