Although Rieder sees a promising future for Bitcoin, he admits that he does not include much of digital currency in his corporate or business portfolio.
The investment director of the world’s largest asset manager, BlackRock, believes that Bitcoin and the crypto currency are here to stay. While admitting he is not a buyer of digital currency, Rick Rieder said Bitcoin System „will take the place of gold because it is much more functional.
During an interview with CNBC Squawk Box, Rieder explained why he believes Bitcoin and cryptomoins have a future.
„I think the crypto coins are here to stay and I think it is durable, and you have seen the central banks that talked about digital currencies,“ he said.
Founded in 1988 in New York City, BlackRock is a U.S. company that handles global investment management. It is the world’s largest asset manager, with more than $7 trillion in assets under management.
Rick Rieder is BlackRock’s CIO, the person who makes the investment decisions. Due to Bitcoin’s recent price hike, cryptomoeda has become a hot topic of discussion among many traditional investors.
When asked about Bitcoin’s role in the digital world, Rieder said that younger generations are more receptive to innovation in the financial world:
„I think digital currencies, and their receptivity, particularly the millennium generation’s receptivity to technology and cryptomime, is real. Digital payment systems are real. ”
Bitcoin will outgrow gold
The BlackRock executive also said he believes Bitcoin will outgrow gold as the most valuable asset.
„I think it will take the place of gold? Yes, I understand why it is much more functional than passing a bar of gold around“.
Although Rieder sees a promising future for Bitcoin, he admits that he does not include much of digital currency in his corporate or business portfolio. In addition, BlackRock’s CIO says it’s not sure if digital currency is worth the price being traded today.
