Rick Rieder, CIO of Fixed Income at investment management giant BlackRock, has said that bitcoin and cryptocurrency are â€œhere to stay.â€
- Talking on CNBC’s Squawk Box on Friday, Rieder responded to a question asking if governments might try to regulate 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.