Rick Rieder, CIO of investment management giant BlackRock, said he thinks Bitcoin and cryptocurrencies are “permanent”.
Speaking on CNBC’s Squawk Box program on Friday, Rieder answered a question about whether governments will try to regulate Bitcoin if its price continues to rise.
“I think the cryptocurrency is permanent, I think it will last…” Reider said. He also emphasized that, in addition to central banks developing digital currencies, Generation Y is sensitive to technology and cryptocurrencies and the reality of digital payment systems.
“I think it’s a durable mechanism that can replace gold on a large scale, yes, because it’s much more functional than having a gold nugget around.”
The CIO specifically stressed that he is not a Bitcoin bull and said he does not include Bitcoin in business and institutional portfolios much.
The Last Name Was Reider
The Bitcoin and cryptocurrency industry has garnered praise from many high-profile names in the traditional finance world in recent months. MicroStrategy CEO Michael Saylor, billionaire Paul Tudor Jones, DoubleLine Capital’s Jeffrey Gundlach, billionaire investor Stanley Druckenmiller and billionaire philanthropist Bill Pulte have become outspoken Bitcoin advocates.
In addition to these names, billionaire businessman Ricardo Salinas Pliego, one of the five richest people in Mexico, recently declared his admiration for Bitcoin. In a post he shared on Twitter, Salinas declared that 10% of his liquid portfolio was in Bitcoin and suggested that his followers read “The Bitcoin Standard” by Saifedean Ammous.