BlackRock Exec Says Bitcoin Could Replace Gold ‘to a Large Extent’

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How crazy is it that a physical asset regarded as “godly” for millennia is being replaced by a bunch of 1’s and 0’s.

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From Article –

**Rick Rieder, CIO of Fixed Income at investment management giant BlackRock, has said that bitcoin and cryptocurrency are “here to stay.”**

* Talking on CNBC’s [Squawk Box](https://twitter.com/SquawkCNBC) on Friday, Rieder responded to a question asking if governments might try to regulate [bitcoin (BTC, +2.15%)](https://www.coindesk.com/price/bitcoin) if its price keeps rallying.
* “I think cryptocurrency’s here to stay, I think it is … durable,” he said.
* Alongside central banks developing digital currencies, millennials’ “receptivity” to technology and cryptocurrency “is real, digital payments systems is real,” Rieder said.
* “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.
* The CIO balanced that by saying he’s not particularly a bitcoin bull and doesn’t include it much in business and corporate portfolios. Further, it’s not clear if bitcoin is worth its current over $18,000 price, he said.



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