BlackRock CIO of Fixed Income Rick Rieder said bitcoin could take the place of gold to a large extent because crypto is “so much more functional than passing a bar of gold around.”
Speaking during CNBC’s Squawk Box on Friday, the senior executive of the world’s largest asset manager admits that BTC has become a permanent fixture in the global financial system, offering yet another tangible sign that the narrative surrounding digital currency has changed.
“It’s hard to say whether it’s [#btc] worth the price it is trading at today. But do I think it is a durable mechanism that–do I think could replace gold to a large extent? Yeah I do, because it’s so much more functional,” says BlackRock’s Rick Rieder. #bitcoin #cryptocurrency. pic.twitter.com/ipwr22xwZ1
— Squawk Box (@SquawkCNBC) November 20, 2020
“Do I think it’s a durable mechanism that … could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around,” Rieder said.
Still, gold moved higher on Friday, too. Gold and bitcoin have benefited from a weaker dollar. Investors increasingly view bitcoin as a viable alternative to paper, government-backed currencies. Priced in gold, 1 BTC is currently worth 10.03 ounces, up 50% in 30 days.
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