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BlackRock CIO Says ‘Bitcoin Will Take The Place Of Gold To A Large Extent’

Bitcoin Suisse AG Head Quarter reception desk
Image by Androphilijaslobodna

A senior executive at BlockRock, the world’s largest asset manager, admits that Bitcoin (BTC) has become a permanent fixture in the global financial system, offering yet another tangible sign that the narrative surrounding digital currency has changed. 

Rick Rieder, BlackRock’s CIO of Fixed Income, told CNBC on Friday that, “Bitcoin is here to stay.”

While conceding that he is not a Bitcoin bull, Rieder said the flagship currency “will take the place of gold to a large extent [because] it is so more functional than passing a bar of gold around…”

To read more visit CoinTelegraph.

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3 comments

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Forearmed November 22, 2020 at 5:02 pm

Yep, it’s here to stay, as long as we have electricity. In a world gone mad having electricity may become problematic, when terrorist and anarchist start bombing our electrical grid if Trump wins a second term. Tangible assets are the only way to go, and you already know that Bit-Coin is not in the least tangible, and it is certainly not money. Gold and Silver are true money. Also, remember my friends that currency and money are not the same thing. Because of the FED, our currency has lost almost 98% of its value since 1913 when the FED was initiated. Everyone euphemistically calls it “Inflation”, but that is only a small part of why our dollars are worth almost nothing. AND GUESS WHO MAKES ALL THE MONEY? Yep, the FED because they are making billions from our taxes because they loan the government money at interest. AND, and WALL STREET which runs the largest casino on the planet.

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Digital Gorilla November 22, 2020 at 5:55 pm

We will not be giving this “professional” any money to manage any time soon. When you believe that vapor-money is a better bet than the precious metal that has had value since time began, well you go ahead then. Put your money where your mouth is. History and wisdom dictate that the thing of value you can hold in your hand trumps any “promise” of value to come. If you think that block-chain can not or will not be broken, think again. No man-made security scheme is “unbreakable”. After forty plus years in the IT/Securities/Banking industry, I know what I am talking about. One day it will happen and Bit Coin will take a nose-dive. Bet on that.

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pcnav November 23, 2020 at 2:00 pm

Bitcoin will not replace gold as gold is an actual thing you can see and feel. Bitcoin is vaporware.

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