CIO BlackRock believes that bitcoin can replace gold

Rick Reader, CIO of BlackRock, one of the largest investment companies with $7.3 trillion in assets under management, told CNBC that bitcoin can replace gold.

„I think the crypt currency is not going anywhere,“ Reader said. „Do I think that Bitcoin is a reliable mechanism that can largely replace gold? Yes, because it is much more functional than transferring bars of gold,“ Reader said.

Reader noted, however, that he himself is not Bitcoin Profit a particular fan of bitcoin and does not include it in corporate portfolios. He also added that he is not sure if a bitcoin is worth its current price, which exceeds $18,000.

Deutsche Bank analyst Jim Reed said this week that demand for bitcoin is growing where gold has been used to hedge against dollar and inflation risks. In a recent report by investment bank analysts JPMorgan said that institutional investors are beginning to consider bitcoin as an alternative to gold.