CIO BlackRock says that “Bitcoin will largely replace gold”. He adds that the cryptocurrency has become a permanent fixture in the global financial system.
CIO BlackRock has a positive opinion about BTC
CIO BlackRock, Rick Rieder, the world’s largest asset management fund, admits that Bitcoin (BTC) has become a permanent part of the global financial system. In his opinion, this means that the narrative regarding this cryptocurrency has completely changed
On Friday on CNBC he said that “Bitcoin will stay with us here [na stałe]”. However, he admitted that he himself was skeptical about cryptocurrencies for a long time, but today he believes that BTC “It will largely take the place of gold because [transferowanie coinów w ramach blockchaina] it’s more convenient than giving each other a gold bar. ‘
Bitcoin is sometimes called “digital gold “ due to its unique value storage feature – limited supply. The most die-hard supporters of the cryptocurrency believe it will eventually take over a significant portion of the gold’s market capitalization as more investors realize its utility.
Today, 1 BTC is worth around 10 ounces of gold.
Until then, 2020 could go down in history as a period in which the main narrative about Bitcoin has changed, especially among institutional investors who have been skeptical about digital assets so far. Now investors such as Paul Tudor Jones and Stanley Druckenmiller have bet on Bitcoin and have invested heavily in it. In addition, large banks such as Citigroup and JPMorgan began to look at cryptocurrency more favorably.
BlackRock itself has indirect exposure to Bitcoin through its stake in MicroStrategy, the company that converted most of its cash reserves into BTC earlier this year
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