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World Bitcoin is 'here to stay' thanks to huge demand from millennials, BlackRock's Rick Rieder says

17:35  22 november  2020
17:35  22 november  2020 Source:   businessinsider.com.au

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Blackrock ’ s Chief Investment Officer, Rick Rieder , said cryptocurrency, including bitcoin , “ is here to Rieder is also Blackrock ’ s Head of the Global Allocation Investment Team in the Multi-Asset I think digital currency and the receptivity — particularly millennials ’ receptivity — of technology and

BlackRock Squawks A top BlackRock executive, in charge of where the world’ s largest asset manager invests its fund, said that bitcoin could take the Appearing on CNBC’ s Squawk Box, BlackRock CIO of Fixed Income Rick Rieder also said , “I think cryptocurrency’ s here to stay , I think it is … durable.”

a man wearing a suit and tie
  • Bitcoin is "is here to stay," BlackRock's chief investment officer of fixed income Rick Rieder told CNBC on Friday.
  • Rieder pointed to millenials openness to cryptocurrencies and digital payments as one reason why the popular crypto currency isn't going anywhere.
  • While Rieder said he doesn't own bitcoin in his own portfolio, he does see potential for bitcoin to "take the place of gold to a large extent," according to the interview.
  • Visit Business Insider's homepage for more stories.

Bitcoin isn't going anywhere, according to BlackRock's CIO of fixed income Rick Rieder.

In an interview with CNBC on Friday, Rieder said bitcoin is "here to stay" thanks to millenials' openness to the cryptocurrency and digital payments in general.

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The BlackRock top executive, Rick Rieder has given reasons for his bias towards Bitcoin overtaking gold as the go-to store-of-wealth asset. Digital payments systems are real, so I think Bitcoin is here to stay ,” he added. What you should know. BlackRock is the world’ s biggest asset manager with

BlackRock CIO: “ Bitcoin Is Here to Stay ”. BlackRock CIO: “ Bitcoin Is Here to Stay ”. U.Today11 minutes ago. Published on November 20, 2020 01:59 GMT+0edited on November 20, 2020 02:02 GMT+0.

The comments come in a month where bitcoin has surged 37% to levels not seen since its run to just under $US20,000 in December of 2017.

Rieder believes bitcoin has real potential to "replace gold to a large extent" given that it's a durable mechanism for means of trade, more so than gold at least.

"[Bitcoin] is so much for functional than passing a bar of gold around," Rieder said.

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Rieder isn't alone in that thinking. JPMorgan said it sees "considerable" upside in bitcoin as it better competes with gold as an alternative currency, according to a note from October.

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BlackRock exec says Bitcoin is here to stay as BTC blasts past .8k. BlackRock ' s CIO of fixed income Rick Rieder said Bitcoin is here to stay . BlackRock CIO, Rick Rieder , appeared on CNBC's Squawkbox on Friday and had some surprisingly positive things to say about Bitcoin . Host

Rick Rieder , CIO of Fixed Income at investment giant BlackRock , told CNBC that bitcoin and cryptocurrency are " here to stay ." In this kind of market, where the darned thing has a hard time staying down even on weak employment numbers, even when the president is unstoppably seeking

JPMorgan said it sees millennials accelerating adoption of bitcoin, which will further its status as both a store of wealth and means of payment.

"Even a modest crowding out of gold as an 'alternative' currency over the longer term would imply doubling or tripling of the bitcoin price," JPMorgan said.

Other investors weighing in on bitcoin's rapid rise this year and where they see it going next include billionaire investors Chamath Palihapitiya Stanley Druckenmiller, and Ray Dalio.

While Rieder believes in the long term outlook of bitcoin, he has yet to add any to his investment portfolios, according to the interview.

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Guggenheim says it could invest up to $530 million in a bitcoin trust as the cryptocurrency flirts with new record highs .
Guggenheim Partners revealed in a Friday regulatory filing that its Macro Opportunities Fund holds the right to invest up to 10% of its net asset value in Grayscale Bitcoin Trust. The trust solely invests in bitcoin, and a 10% bet from Guggenheim's fund equates to roughly $US530 million. The filing comes as bitcoin climbs back above $US19,000 after tumbling through the Thanksgiving holiday. Though the token has more than doubled through the year, it still trades below its 2017 record of $US19,783.06. Watch bitcoin trade live here.

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