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 aren’t going anywhere.
“I think cryptocurrency is here to stay and I think it is durable and you’ve 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 it’s so much more functional than passing a bar of gold around.”
While Rieder sees a rosy future for the largest cryptocurrency, he admits