Blackrock’s Chief Funding Officer, Rick Rieder, stated cryptocurrency, together with bitcoin, “is right here to remain.” As well as, he stated bitcoin is a sturdy mechanism that would exchange gold.
Blackrock on Bitcoin and Gold
Rick Rieder, Blackrock’s Chief Funding Officer (CIO) of International Mounted Earnings, talked about bitcoin changing gold in an interview with CNBC’s Squawk Field on Friday.
Blackrock is the world’s largest asset supervisor, with greater than $7.four trillion in property beneath administration as of September. Rieder can also be Blackrock’s Head of the International Allocation Funding Group within the Multi-Asset Methods Group.
Responding to a query in regards to the value of bitcoin and gold and whether or not he’s a bitcoin bull, Rieder stated:
I feel cryptocurrency is right here to remain.
Rieder elaborated: “I feel it’s sturdy, and also you’ve seen the central banks which have talked about digital currencies. I feel digital foreign money and the receptivity — significantly millennials’ receptivity — of expertise and cryptocurrency is actual. Digital cost programs are actual, so I feel bitcoin is right here to remain.”
When it comes to whether or not he’s a bitcoin bull, Rieder stated: “I don’t do quite a lot of it, or a lot any of it, in my portfolios, my company portfolios, my enterprise portfolios.” Whereas stating that “It’s laborious to say whether or not it’s [bitcoin’s] definitely worth the value it’s buying and selling at right this moment,” he affirmed:
However do I feel it’s a sturdy mechanism that would exchange gold to a big extent? Yeah I do, as a result of it’s a lot extra practical than passing a bar of gold round.
Reid’s feedback have been very welcome within the crypto neighborhood. Former Goldman Sachs hedge fund supervisor Raoul Pal tweeted:
That is big information. That is the most important asset administration agency on earth. 2021 is setting as much as be a yr of extreme provide shortages vs. demand in bitcoin, and upside value dislocations.
Thomas Lee, Head of Analysis at Fundstrat International Advisors, commented that bitcoin is “killing it this yr — it’s simply crushing all different hedges and asset courses this yr, however in 2021 I feel bitcoin may very well be the yr of the fireworks … the perfect might be but to return.”
The Blackrock chief funding officer’s feedback adopted a string of different hedge fund managers saying that they personal bitcoin, together with Paul Tudor Jones, Bill Miller, and Stan Druckenmiller.
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