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Fri, Nov 20, 2020 4:29 PM by Coinfomania

$7.3Trn AUM BlackRock Exec Believes “Functional Bitcoin” Will Replace Gold to a Large Extent

Rick Rieder, Chief Information Officer (CIO) of fixed income for New York-based asset manager, BlackRock has become the latest to throw his weight behind Bitcoin as a potential replacement for gold. Rieder shared his thoughts on the subject in a CNBC Squawk Box appearance today, arguing that Bitcoin and cryptocurrencies are ‘here to stay’ primarily because of Millenials’ receptivity to technology and digital payment systems. His opinion contrasted that of JP Morgan CEO Jamie Dimon who said earlier this week that the government would be to regulate Bitcoin if the price continues to grow. Rieder told CNBC that he

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