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

Blackrock’s chief investment officer, Rick Reeder, said the cryptocurrency, including bitcoin, “is here to stay.” He also said that bitcoin is a durable mechanism that can replace gold.

Blackrock on bitcoin and gold

Rick Reeder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, spoke of 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 since September. Rieder is also head of Blackrock’s global distribution investment team in the multi-asset strategy group.

Asked about the price of bitcoins and gold and whether he is a bitcoin bull, Reeder said:

I think the cryptocurrency is here to stay.

Reeder said: “I think it’s durable and you’ve seen central banks talking about digital currencies. I think the digital currency and the receptivity – especially the receptivity of the millennia – of technology and cryptocurrency are real. Digital payment systems are real, so I think bitcoin is here to stay. “

As for whether he is a bitcoin bull, Reeder said, “I don’t make many or many of them in my wallets, my corporate wallets, my business wallets.” [bitcoin’s] worth the price traded today “, he confirmed:

But do I think this is a lasting mechanism that could largely replace gold? Yes, that’s because it’s much more functional than moving a gold bar around.

Reed’s comments were very welcome in the crypto community. Former Goldman Sachs hedge fund manager Raul Pal wrote on Twitter:

This is great news. It is the largest asset management company on earth. 2021 is emerging as a year of serious supply shortages compared to bitcoin demand and rising prices.

Thomas Lee, head of research at Fundstrat Global Advisors, commented that bitcoin was “killing it this year – just crushing all other hedges and asset classes this year, but in 2021 I think bitcoin could be the year of fireworks.” .. the best is probably yet to come. “

Blackrock’s chief investment officer’s comments followed a series of other hedge fund managers saying they owned bitcoin, including Paul Tudor Jones, Bill Miller and Stan Druckenmiller.

What do you think of Blackrock’s CEO’s view of bitcoins? Let us know in the comments section below.

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