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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