Although Rieder sees a promising future for Bitcoin, he admits that he doesn’t include much of the digital currency in his corporate or business portfolio.
The investment director of the world’s largest asset manager, BlackRock, believes that Bitcoin and cryptomoedas are here to stay. While admitting he is not a buyer of the digital currency, Rick Rieder said Bitcoin „will take the place of gold because it is much more functional.
During an interview with CNBC Squawk Box, Rieder explained the reasons why he believes Bitcoin and cryptomoks have a future.
„I think the cryptomaps are here to stay and I think it’s durable, and you’ve seen the central banks that talked about digital currencies,“ he said.
Founded in 1988 in New York City, BlackRock is a U.S. company that operates with global investment management. It is the world’s largest asset manager, with over $7 trillion in assets under management.
Rick Rieder is BlackRock’s CIO, the person who makes the investment decisions. Due to Bitcoin’s recent price hike, cryptomoeda has become a hot topic of discussion among many traditional investors.
Wow. BlackRock CIO of Fixed Income Rick Rieder talking about Bitcoin replacing gold on CNBC this morning.
When asked about Bitcoin’s role in the digitized world, Rieder said that younger generations are more receptive to innovation in the financial world:
„I think digital currencies, and their receptivity, particularly the millennium generation’s receptivity to technology and crypto currency, is real. Digital payment systems are real. ”
Bitcoin will surpass gold
The BlackRock executive also said he believes Bitcoin will surpass gold as the most valuable asset.
„I think it will take the place of gold? Yes, I understand why it is much more functional than passing a gold bar around“.
Although Rieder sees a promising future for Bitcoin, he admits that he doesn’t include much of the digital currency in his corporate or business portfolio. In addition, BlackRock’s CIO says it’s not sure if the digital currency is worth the price being traded today.