A senior executive at BlockRock, the world’s largest asset manager, admits that Bitcoin (BTC) has become an integral part of the global financial system and is another clear sign that the history of digital currency has changed. .
Rick Rieder, CIO of Fixed Income, BlackRock, said to CNBC on Friday that “Bitcoin is staying here”.
While Rieder admitted it wasn’t a Bitcoin bull, he said the flagship coin “will largely take the place of gold. [porque] it’s much more functional than passing a gold bar. “
Bitcoin is sometimes referred to as “digital gold” because of its unique storage properties. Bitcoin’s most ardent proponents believe that it will eventually cost a sizable chunk of gold’s market cap when more investors realize its usefulness.
1 Bitcoin with gold price is currently worth 9,961 ounces.
2020 could be the year major bitcoin narratives have changed, especially among institutional investors who have long been skeptical of digital currencies. Investors like Paul Tudor Jones and Stanley Druckermiller have backed Bitcoin, while big banks like Citigroup and JPMorgan have issued positive guidance on the flagship cryptocurrency.
On the commercial side It is estimated that companies own 4.54% of the total Bitcoin supply, which is around $ 15.3 billion at current prices.
Meanwhile, BlackRock has indirect exposure to Bitcoin through its stake in MicroStrategy, a business intelligence company that converted most of its cash reserves into BTC earlier this year.