Rick Rider, BlackRock’s chief investment officer, said cryptocurrencies, including Bitcoin, “are here to stay.” In addition, he said that Bitcoin is a sustainable method that can replace gold.
BlackRock on Bitcoin and Gold
Rick Reeder, chief investment officer (CIO) at BlackRock’s Global Fixed Income, spoke to CNBC’s SquawkBux on Friday about replacing Bitcoin with gold.
BlackRock is the world’s largest asset manager, with more than 7.4 trillion in assets under management as of September. Ryder is also the head of BlackRock, a global allocation investment team at Multi Asset Strategies Group.
Asked about the price of bitcoin and gold and whether it is a bitcoin bull, Reder said:
I think cryptocurrency is here to stay.
Ryder elaborated: “I think it’s sustainable, and you’ve seen central banks talk about digital currency. I think digital currency and receptivity – especially the receptivity of thousands of years – technology and cryptocurrency are real. Digital payment systems are real, so I think Bitcoin is here to stay. “
Regarding whether or not it’s a bitcoin bull, Ryder said: “I don’t do a lot of it in my portfolio, in my corporate portfolio, in my business portfolio, or anything more.” When said “It’s hard to say whether or not [bitcoin’s] The price at which it trades today is worth it, “he assured:
But do I think it’s a sustainable mechanism that can drastically replace gold? Yeah Al that sounds pretty crap to me, Looks like BT aint for me either.
Reed’s comments are very welcome in the crypto community. Former Goldm Sachs Sash Hedge Fund Manager Raul Pale tweeted:
This is huge news. This is the largest asset management firm on earth. 2021, against demand in Wikipedia, is becoming a year of severe supply shortages and price volatility.
Thomas Lee, head of research at Fundstrat Global Advisors, commented that Bitcoin is killing it this year – it’s just crushing all the other hedge and asset classes this year, but in 2021 I think Bitcoin could be a year of fireworks. The best is probably yet to come. ”
Blackrock’s chief investment officer’s remarks followed a string of other hedge fund managers saying they own Bitcoin, including Paul Tudor Jones, Bill Miller and Stan Duknmiller.
What do you think of BlackRock executives ’views on Bitcoin? Let us know in the comments section below.
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