Rick Rieder Said Bitcoin May Replace Gold in Long Run

Host Andrew Ross Sorkin spoke with Reader about the Hedges war and their investment potential.

Bitcoin has outperformed gold heavily since early October. Now, recent trades are at almost ten ounces of gold per BTC.

While Sorkin randomly quizzed Rick about this recent bullish run on the alpha crypto and whether the government would try to regulate the currency’s current pricing or not.

Ryder dismissed the question as if he thinks bitcoin and cryptocurrencies are “here to stay.” Thus, his corporate portfolios are concerned he has little to do with bitcoin, possibly referring to private holding.

Ryder seems to be thinking so, echoing the crypto community’s long-held notions about the emerging digital gold standard.

Blackrock Bigwig does not know whether the current price tag for the coin is worth ($18,600) and asks himself if he thinks Bitcoin will replace gold or not.

Shortly after the interview, Bitcoin rallied vigorously, hitting almost $19,000 handles. It is unclear whether the two incidents are interrelated or not. Still, Blackrock’s approval seems to be adding fuel to the fire.

Despite being $ 1,000 less than that historical figure, Bitcoin continues to trade near its all-time high set in 2017.

Blackrock is an American global investment management company based in New York City. Founded in 1988, the company is the world’s largest asset manager, with $ 7.4 trillion in assets under management (AUM) by the end of 2019.

Blackrock CEO Larry Fink has warned that the company anticipated cryptocurrencies back in 2018, but he still does not see demand.

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