Bitcoin could replace gold, says investment director of the world’s largest manager


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BlackRock CIO Rick Rieder said he believes in the potential of Bitcoin as a large-scale substitute for gold. “It is much more functional than transferring gold bars to others,” he explained of the cryptocurrency’s transportability.

Rieder was invited to comment on the recent rise in the currency, which exceeded $ 18,000, on CNBC. He said that “it is difficult to say whether bitcoin is worth the price it is trading today”, but believes that BTC is here to stay.

In addition to being director of BlackRock, the largest asset manager in the world, Rieder is a member of the Financial Markets Investment Advisory Committee of the Federal Reserve Bank of New York.

For the investor, it is important to realize the good receptivity, especially of millennials, of cryptocurrencies. In addition, blockchain transparency and the ability to track transactions were cited as good features.

“I think Bitcoin is here to stay. I have none in my personal or corporate portfolios, but do I believe it is a durable mechanism with the potential to replace gold? Yes, I think, ”he said.




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Thomas Miles

Cryptocurrency is the most recently discovered currency which will be likely at the help of modernization across the next few decades. With a limited control from the government, the crypto market is independent of many features of a sound market as we know it. Thomas brings these stories to us by weaving them into articles of general importance to all those looking at the fluctuations in the market, or new entries. Thomas is also the founder of Bulletin Bits and is an excellent leader. His leadership is the kind that makes him the most knowledgeable and experienced on the team. His wonderful work ethic and attitude are worthy of imitation!

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