Bitcoin To Overtake Gold And Become Primary Store Of Value
Bitcoin is seen by more and more people are the best safe haven and hedge against inflation.
Now, Rick Rieder, chief investment officer of global fixed income at investment management corporation BlackRock, said that he believes that BTC will surpass gold in terms of a primary store of value.
During a CNBC Squawk Box interview, Rieder explained the reasons for which he believes Bitcoin and crypto 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,” he said as cited by the Daily Hodl.
He continued and explained, “I think digital currency and the receptivity, particularly millennials’ receptivity to technology and cryptocurrency is real. Digital payments systems are real, so I think Bitcoin is here to stay.”
The BlackRock executive also made sure to highlight the reasons for which he believes Bitcoin will overtake gold as the go-to store-of-wealth asset.
He said: “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.”
Bitcoin heading towards an ATH
These days, Bitcoin’s price exploded and reached levels that haven’t been seen since 2017.
Analysts believe that this year BTC will definitely hit $20k and then head to new ATH.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $18,126.23.
Earlier today, it’s been reported that Coinbase executive Brett Tejpaul said that the institutional interest in digital assets is growing at a very rapid pace.
He said, “We’re now measuring the fresh capital coming into crypto principally being allocated to Bitcoin in the billions, and so week after week after week we’ve had an explosion of incoming capital.”
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.