Bitcoin New Gold Says $8 Trillion Asset Manager

bitcoin bull beepl nov 2020

“Do I think [bitcoin is] 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.” So said Rick Rieder, BlackRock’s chief investment officer of fixed income with BlackRock having some $8 trillion in assets under management. Just 10% of that would 3x bitcoin’s current market cap with Rieder being just the latest of a chorus claiming bitcoin now is the new gold. “There seems to be an increasing demand to use bitcoin where gold used to be used to hedge dollar risk, inflation and other things,” Deutsche Bank’s research strategist Jim Reid said. Before him Citibank called bitcoin new gold as well, claiming it will be worth one house. People are ditching their gold for bitcoin now because gold has been a bit lackluster in its performance amid mass devaluation.…

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