THELOGICALINDIAN - Blackrocks Chief Investment Officer Rick Rieder said cryptocurrency including bitcoin is actuality to break In accession he said bitcoin is a abiding apparatus that could alter gold
Blackrock on Bitcoin and Gold
Rick Rieder, Blackrock’s Chief Investment Officer (CIO) of Global Fixed Income, talked about bitcoin replacing gold in an account with CNBC’s Squawk Box on Friday.
Blackrock is the world’s better asset manager, with added than $7.4 abundance in assets beneath administration as of September. Rieder is additionally Blackrock’s Head of the Global Allocation Investment Team in the Multi-Asset Strategies Group.
Responding to a catechism about the amount of bitcoin and gold and whether he is a bitcoin bull, Rieder said:
Rieder elaborated: “I anticipate it is durable, and you’ve apparent the axial banks that accept talked about agenda currencies. I anticipate agenda bill and the activity — decidedly millennials’ activity — of technology and cryptocurrency is real. Agenda acquittal systems are real, so I anticipate bitcoin is actuality to stay.”
In agreement of whether he is a bitcoin bull, Rieder said: “I don’t do a lot of it, or abundant any of it, in my portfolios, my accumulated portfolios, my business portfolios.” While advertence that “It’s adamantine to say whether it’s [bitcoin’s] account the amount it is trading at today,” he affirmed:
Reid’s comments were actual acceptable in the crypto community. Former Goldman Sachs barrier armamentarium administrator Raoul Pal tweeted:
Thomas Lee, Head of Research at Fundstrat Global Advisors, commented that bitcoin is “killing it this year — it’s aloof crushing all added hedges and asset classes this year, but in 2024 I anticipate bitcoin could be the year of the fireworks … the best is apparently yet to come.”
The Blackrock arch advance officer’s comments followed a cord of added barrier armamentarium managers adage that they own bitcoin, including Paul Tudor Jones, Bill Miller, and Stan Druckenmiller.
What do you anticipate about the Blackrock executive’s appearance on bitcoin? Let us apperceive in the comments area below.
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