Home Cryptocurrency ‘Bitcoin is here to stay’: BlackRock

‘Bitcoin is here to stay’: BlackRock

A senior executive at BlackRock, the world’s largest asset manager, says bitcoin is now firmly entrenched in the global financial system and will eventually replace gold as a the top store of value.

Rick Rieder is the latest in a series of high-level American executives and investors to get excited about crypto recently. Others include CEOs Michael Saylor of MicroStrategy and Jack Dorsey of Twitter and Square, and Wall Street heavyweights Bill Miller, Stan Druckenmiller and Paul Tudor Jones.

Rieder, BlackRock’s CIO of fixed income, told CNBC on Friday, “Bitcoin is here to stay.”

While not going as far as saying he is now a bitcoin bull, Rieder said the top crypto “will take the place of gold to a large extent … it is more functional than passing a bar of gold around.”

As Asia Times has reported in the past, bitcoin is increasingly viewed in investment circles as “digital gold” because of its unique store-of-value properties. Advocates of the decentralized digital currency believe it will take a a chunk of gold’s market cap as investor awareness of its distinct advantages grows.

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