Investment giant BlackRock: „Bitcoin will take the place of gold
BlackRock CIO Rick Rieder says that „Bitcoin has come to stay“.
A top manager at BlackRock, the world’s largest asset management company, believes that Bitcoin (BTC) has become an established institution in the global financial system. This is another clear sign at Bitcoin Evolution that the perception of the crypto-currency has changed significantly in the meantime.
Rick Rieder, one of BlackRock’s Chief Investment Officers (CIO), accordingly said in an interview with CNBC news channel yesterday, Friday, that „Bitcoin has come to stay“.
Although Rieder at the same time stresses that he himself does not invest in the crypto-currency and does not act as an advocate for it, he is nevertheless convinced that Bitcoin „will take the place of gold to a large extent because it is so much more practical than gold bars“.
This comparison is obvious, as Bitcoin is repeatedly referred to as „digital gold“ because the crypto-currency has a similar function as a store of value as the precious metal. Many Bitcoin fans are confident that their crypto currency can cut a large slice of the market leader’s gold cake as soon as investors recognise its benefits. Rieder’s words give new nourishment to this hope.
Converted into gold, 1 Bitcoin is currently worth 9.961 ounces
2020 could be the year in which the perception of Bitcoin changes significantly for the better, especially among institutional and large investors. This year, for example, the two major investors Paul Tudor Jones and Stanley Druckenmiller have already made a strong case for Bitcoin, whereupon the two major banks Citigroup and JPMorgan later also expressed their sympathy for the crypto currency.
BlackRock, the influential asset management company in which CDU politician Friedrich Merz held a leading position for many years, is itself indirectly invested in Bitcoin through its stake in MicroStrategy. The software manufacturer had invested large parts of its cash reserves in Bitcoin this year.