Rick Rieder, chief investment officer of global fixed income at investment management corporation BlackRock, says he believes Bitcoin will surpass gold as the primary store of value.
In a CNBC Squawk Box interview, Rieder explains why he believes Bitcoin and cryptocurrency at large arent going anywhere.
I think cryptocurrency is here to stay and I think it is durable and youve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity, particularly millennials receptivity to technology and cryptocurrency is real. Digital payments systems is real so I think Bitcoin is here to stay.
The BlackRock executive highlights why he believes Bitcoin will overtake gold as the go-to store-of-wealth asset.
Do I think it will take the place of gold to a large extent? Yeah, I do because its so much more functional than passing a bar of gold around.
While Rieder sees a rosy future for the largest cryptocurrency, he admits that he does not include much BTC in his corporate and business portfolios. Also, the BlackRock CIO says hes unsure whether Bitcoin is worth the price it is trading at today, which is around $18,770.
Rieder is the latest high-profile Wall Street figure to see the potential of Bitcoin. Earlier this month, billionaire investor Stanley Druckenmiller revealed he owns Bitcoin and said that the flagship cryptocurrency has more upside potential than gold.
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