Bitcoin and gold bars are more similar than expected. You can use it to protect your savings from inflation. The picture shows gold bars and Bitcoin coins.

BlackRock is the world’s largest wealth manager. All those who also invest in ETFs are probably familiar with the well-known BlackRock products, which run under the name iShares. In a recent conversation with CNBC, BlackRock CIO Rick Rieder commented on Bitcoin and gold. In the article, we look at the bullish statements he made here.

Bitcoin can replace gold, according to BlackRock CIO Rieder

Our article is based on an interview with BlackRock CIO Rick Rieder as part of the CNBC Squawk Box.

Squawk Box published parts of the interview on Twitter, which clearly shows how the BlackRock CIO thinks about Bitcoin . Rieder hits extremely bullish tones and confirms without a doubt that he won Bitcoin as the winner in the duel Bitcoin vs. Gold sees.

Peter Schiff will certainly not like this statement. Because Rieder said literally:

Do I think Bitcoin can replace gold to some extent? – Yeah, I think because that’s so much more functional.

Cryptocurrencies and BTC have come to stay

Anyone who has read the above passage will also find that Rieder does not make any concrete statement about a fair valuation or a fair Bitcoin price .

The Black Rock CIO said that he did not know whether the current Bitcoin price was fair. However, he knows that your permanent mechanism is behind Bitcoin and that BTC is more functional than gold.

During the interview, Rieder supports his opinion with the young generation’s affinity for technology. He points out that digital payment systems are “real” and millennials in particular perceive crypto currencies differently than older generations may.

I think cryptocurrencies are here to stay. Digital currencies and millennials‘ perception of them is real.

So let’s note that the Chief Investment Officer in the Global Fixed Income division of the world’s largest asset manager BlackRock has been positive about Bitcoin. With this, Rieder is obviously signaling to many market participants that BTC can be a serious substitute for gold and thus also underlines the narrative of Bitcoin as a store of value.

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Bitcoin scores new highs, while a lot of new money is pouring into the market through stablecoins

According to official transparency data provided by Tether, USDT’s market cap exceeded the $17 billion mark for the first time, reaching total assets above this figure.

In 2020, Tether’s market capitalisation grew exponentially. In mid-September, Tether’s market cap increased almost fourfold since the beginning of the year, from around $4 billion to over $15 billion.

According to data from crypto analysis firm Messari, USDT has seen significant growth from August 2020 to date. As a result, the currency has added over $5 billion to its market cap over the past three months.

Tether (USDT), the largest stablecoin in the Crypto Bank, is seeing a huge inflow into its market capitalisation, and is probably feeding the current bullish Bitcoin (BTC) trend.

According to Ki Young-Ju, CEO of the CryptoQuant data aggregator, the recent positive movement in the industry is attributable to the increasing number of stablecoin deposits such as USDT. On 5 November, he commented:

„Once again, the price of $BTC has risen immediately after the increase in stablecoin deposits.“

Ki Young-Ju had already drawn attention to this correlation in October, pointing out that the influx of stablecoin deposits was „useful in predicting BTC’s rise at the end of July“.

In addition, CryptoQuant data shows that stablecoin inflows reached new highs for 2020 on 18 October, recording more than 60,000 transactions. Since then, however, this figure has declined to around 30,000 in the last few days of October.

Un tribunal américain de Seattle a condamné un ancien ingénieur de Microsoft à 9 ans de prison après l’avoir déclaré coupable de 18 crimes fédéraux liés à son plan élaboré visant à frauder le géant de la technologie de 10 millions de dollars. En prononçant le jugement, le tribunal blâme Volodymyr Kvashuk, un ingénieur en logiciel et citoyen ukrainien, pour avoir tenté de masquer des preuves numériques par l’utilisation de mélangeurs Bitcoin Fortune et l’utilisation illégale de comptes et de mots de passe de collègues pour aider ce programme.

Boîtier sophistiqué

Selon les archives judiciaires, Kvashuk, un citoyen ukrainien, avait été condamné en février 2020 pour plusieurs chefs d’accusation de fraude électronique, de blanchiment d’argent, de vol d’identité ainsi que de dépôt de fausses déclarations de revenus.

Dans sa réaction à la condamnation, le procureur américain Brian T Moran rend hommage aux «partenaires chargés de l’application de la loi et au bureau du procureur des États-Unis» pour avoir triomphé dans l’affaire qui «exigeait des compétences technologiques sophistiquées pour enquêter et poursuivre». Commentant la sévérité de la sanction, le procureur américain déclare:

„Voler votre employeur est déjà assez grave, mais voler et faire croire que vos collègues sont à blâmer élargit les dégâts au-delà de l’argent et des cents.“

Selon des documents déposés auprès du tribunal, Kvashuk, qui a été impliqué dans les tests de la plate-forme de vente au détail en ligne de Microsoft, est accusé d’avoir «utilisé cet accès de test pour voler la« valeur stockée de la monnaie »(CSV) comme des cartes-cadeaux numériques.»

Style de vie somptueux

En utilisant le produit des ventes de cartes-cadeaux, Kvashuk «a acheté une maison de 1,6 million de dollars au bord du lac et un véhicule Tesla de 160 000 dollars». Alors que les vols s’intensifiaient, Kvashuk a commencé à «utiliser des comptes de messagerie de test associés à d’autres employés» pour couvrir ses traces. Le document ajoute:

Il a utilisé un service de „ mélange “ de bitcoins pour tenter de cacher la source des fonds passant finalement sur son compte bancaire. Au total, au cours des sept mois d’activité illégale de Kvashuk, environ 2,8 millions de dollars en bitcoins ont été transférés sur ses comptes bancaires et d’investissement. Kvashuk a ensuite déposé de faux formulaires de déclaration de revenus, affirmant que le bitcoin avait été un cadeau d’un parent.