Bitcoin’s potential has convinced the giant financial institutions and prominent personalities in Wall Street, which are now supporting the prime digital asset. This time a prominent official of the world’s largest asset management company has passed positive comments over Bitcoin.
According to Rick Rieder, the chief investment officer of BlackRock, accepts the existence of the primary cryptocurrency and expresses his optimistic viewpoint about it. While talking to CNBC, Rieder stated,” Bitcoin is here to stay.” The statement on the part of BlackRock’s official is a major achievement for the crypto industry and its future as BlackRock is the largest asset management firm in the world.
Bitcoin will Replace Gold
There is continuous debate about the feasibility of Bitcoin and gold in times of economic uncertainty. In the past, gold performed outstandingly during periods of a financial crisis. But now Bitcoin is taking its place because it has more features, such as limited supply and functionality. Rieder also believes that the top digital currency of the crypto markets “will take the place of gold to a large extent [because] it is so more functional than passing a bar of gold around.” He even claims that Bitcoin could replace gold as it is a good store of value.
According to market experts, the world’s top digital asset will soon take a significant portion of Bitcoin’s market cap and it is also known as “digital gold” in the cryptocurrency space. At press time, one BTC is equal to 9.961 ounces.
Raoul Pal, former fund manager and CEO of Real Vision, welcomes the appreciation of the flagship currency. “This is huge news. This is the largest asset management firm on earth. 2021 is setting up to be a year of severe supply shortages vs. demand in Bitcoin, and upside price dislocations,” he said.
Besides the latest praise on the part of BlackRock, there are various giant financial companies who have now convinced of Bitcoin’s potential. According to a rough estimation, corporations are now holding $15.3 billion in the primary cryptocurrency, which represents 4.54% of total Bitcoin’s supply.