“Bitcoin Could Replace Gold” CIO Of BlackRock Says

Since its adoption around the world, cryptocurrency have proved more functional than passing a bar of gold around. The Chief Investment Officer of BlackRock – Rick Rieder, said while speaking during CNBC’s Squawk Box on Friday. Cryptocurrency might be here to stay he added.

I think that digital currencies, and their receptivity, particularly millennials’ receptivity of technology and cryptocurrencies, is real. Digital payment systems are real.”

Rick Rieder is the CIO of BlackRock, an American investment management corporation which was founded in 1988.

Bitcoin have been rallying the past few weeks and governments might want to regulate it if its price keeps increasing. Bitcoin has also become a talk of the town among traditional investors due to its hike in price and its price could increase tenfold because institutional investors are getting involved.

Central banks around the world are developing digital currencies, finance technology is improving, cryptocurrency and digital payments system is real, Rieder said. Bitcoin has a durable mechanism that could take the place of gold to a large extent because it is more functional than passing a bar of gold around.

The CIO affirmed that he’s not a bitcoin bull and he doesn’t include it in his business portfolios. But to him, Bitcoin might not be worth its current price of $18,000.

Bitcoin is not the only cryptocurrency that has seen a hike in price, Ethereum have passed the $500 mark and XRP and other alts are also on the rise.

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