BlackRock CIO Rick Rieder says that „Bitcoin is here to stay“.
A top manager of the world’s largest wealth management company BlackRock believes that Bitcoin ( BTC ) has become a permanent fixture in the global financial system.
Another clear sign that the perception of the cryptocurrency has changed significantly in the meantime
Rick Rieder, one of BlackRock’s investment chiefs (CIO), said yesterday in an interview with the CNBC news channel that “Bitcoin has come to stay”.
Although Rieder also emphasizes that he does not invest in the cryptocurrency himself and does not appear as an advocate for it, he is nevertheless convinced that Bitcoin “will largely take the place of gold because it is so much more practical than gold bars „.
This comparison is obvious, because Bitcoin is repeatedly referred to as „digital gold“, as the cryptocurrency has a similar function as a store of value as the precious metal. Many Bitcoin fans are confident that their cryptocurrency can cut a huge slice of the cake of market leader gold once investors see its benefits. Rieder’s words give this hope new nourishment.
Converted into gold, 1 Bitcoin is currently valued at 9.961 ounces
2020 could be the year in which the perception of Bitcoin, especially among institutional investors and large investors, changes significantly for the better. So already the two major investors Paul Tudor Jones and Stanley Druckenmiller have for Bitcoin this year made strong , then later, the two big banks Citigroup and JPMorgan have expressed sympathetically about the crypto currency.
BlackRock, the influential asset management company in which CDU politician Friedrich Merz held a leading position for a long time, is itself indirectly invested in Bitcoin through its participation in MicroStrategy . The software manufacturer had set up large parts of its cash reserves in Bitcoin this year.