BlackRock's Chief Investment Officer Says Bitcoin Could Replace Gold to a Large Extent
Rick Rieder, CIO of Fixed Income at investment giant BlackRock, told CNBC that bitcoin and cryptocurrency are "here to stay."
Nov 20, 2020 at 2:04 p.m. UTCUpdated Aug 19, 2021 at 5:46 a.m. UTC
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The chief decision maker for where BlackRock, the world's largest asset manager, invests its funds said bitcoin could take the place of gold to a large extent because crypto is "so much more functional than passing a bar of gold around."
- Speaking during CNBC's Squawk Box on Friday, BlackRock CIO of Fixed Income Rick Rieder responded to a question asking if governments might try to regulate bitcoin if its price keeps rallying.
- "I think cryptocurrency's here to stay, I think it is ... durable," he said.
- Alongside central banks developing digital currencies, millennials' "receptivity" to technology and cryptocurrency "is real, digital payments systems is real," Rieder said.
- "Do I think it's a durable mechanism that ... could take the place of gold to a large extent? Yeah, I do, because it's so much more functional than passing a bar of gold around," Rieder said.
- The CIO balanced that by saying he's not particularly a bitcoin bull and doesn't include it much in business and corporate portfolios. Further, it's not clear if bitcoin is worth its current price of over $18,000 price, he said.
- At press time, bitcoin was at $18,550.01, up 2.75%.
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UPDATED 11/20/20 at 14:43 UTC: adds that BlackRock is the world's largest asset manager.
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