Bitcoin continues its upward journey that it started since March 2020, when the price of Bitcoin reached the level of 18,983 dollars on the platform Binance To fall to the level of $ 18,500 at the time of writing this article.

Rick Reader, chief investment officer at BlackRock — one of the world’s largest by volume of investment assets under management — believes that bitcoin and cryptocurrencies are here to stay.

Although the company has not yet invested in bitcoin, Rick Reader confirmed that bitcoin could largely replace gold.

BlackRock and Bitcoin:

Founded in 1988 in New York, BlackRock is an American global investment management company. BlackRock has become the largest asset management company in the world, with assets under management reaching more than $7 trillion by the end of 2019.

Read:The market capitalization of Bitcoin is now greater than Visa and MasterCard combined

Back Recently, Chief Investment Officer Rick Reeder, who is responsible for the company’s investment decisions on CNBC’s “Squawk Box”, discussed bitcoin.

Fabulous. Rick Rieder, CIO of fixed income firm BlackRock, spoke about exchanging bitcoin for gold on CNBC this morning. pic.twitter.com/9KZR0muJVp

– Bomb (APompliano) November 20, 2020

Bitcoin has been addressed due to the significant rises in the digital currency, which has become a hot topic of discussion among many traditional investors.

When Rick Reader was asked about Bitcoin’s role in the digital world, he replied:

Bitcoin is here to stay.

He attributed this mostly to the robustness of the technology behind Bitcoin and that younger generations are more receptive to innovation in the financial world. He added:

I think the acceptance of digital currencies, and especially millennials’ acceptance of technology and cryptocurrency, is real.

Real digital payment systems.

Bitcoin can outperform gold:

BlackRock CEO stated:

I don’t research Bitcoin much, we don’t have it in the company’s wallets, and it’s hard to determine if its current price is its true value.

Read:German Finance Minister calls for accelerating the development of the digital euro … for these reasons!

But by virtue of the way it rises and its mechanism of action, it can replace gold to a large extent.

Rick Reader believes that cryptocurrency is more efficient than precious metal as it is much easier to send coins from one place to another using the Internet than to pass a piece of gold from one place to another.

Read:Bitcoin rises above 21 thousand dollars and maintains its positive path for this reason!

The narrative that Bitcoin can rival or even surpass gold bullion has recently emerged and spread among many other traditional financial institutions.

A report by the JPMorgan Chase & Co team indicated that the price of bitcoin could expand tenfold as institutional investors tend to participate more.

and before anticipation A Citibank analyst said that the price of bitcoin could reach $318,000 per coin because bitcoin acts like “new gold.”

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