BlackRock is the world’s largest asset manager. The CIO of BlackRock believes that Bitcoin will replace gold. In fact, he believes that Bitcoin and other cryptocurrencies are durable technology and could stay long enough in the market.
However, he did not still invest in Bitcoin, Rick Rieder stated that Bitcoin may soon replace gold.
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Bitcoin is durable and will stay in the market
BlackRock is an American global investment management corporation based in New York. It established in 1988 and is the largest asset manager. The total capital of the corporation was more than $7 trillion in AUM by the end of 2019.
Recently the CIO of the corporation attended in CNBC’s Squack Box and commented about Bitcoin. In fact, the price growth of the Bitcoin in the recent days, made it one of the hottest topics to discuss on. As a result, many traditional investors attracted to Bitcoin and are commenting about this cryptocurrency.
Reider believes that the technology behind Bitcoin is durable. It can stay long enough in the market and would replace gold in the near future. He stated that the young generation is accepting the Bitcoin. In fact, Bitcoin designed and build for millennials. He thinks that digital payment is real and it will replace other traditional payment options.
Bitcoin will replace gold
Reiden added that he does not want to have Bitcoin in his corporate portfolio. However, he thinks Bitcoin doesn’t worth the price it’s trading now, it will replace gold in the near future.
In fact, he believes that it’s easier to handle Bitcoin compared to gold. Bitcoin is not physical, so we can easily send it to one another online. But, it would be different for gold and other precious metals as they are physical.
In addition to those above, many believe that Bitcoin price will surge significantly in the next coming years. Some even predicted significant high prices for this cryptocurrency.