Blackstone Group Chief Investment Officer Rick Reid said that cryptocurrencies, including Bitcoin, “will continue to exist.” In addition, he said that Bitcoin is a durable mechanism that can replace gold.

Blackstone Bitcoin and Gold

Blackstone Group Global Fixed Income Chief Investment Officer (RIO Rieder) talked about using Bitcoin instead of gold in an interview with CNBC’s Squawk Box on Friday.

The Blackstone Group is the world’s largest asset management company. As of September, its assets under management exceeded US$7.4 trillion. Rieder is also the head of the global distribution investment team for Blackrock’s Multi-Asset Strategies Group.

In response to questions about the price of Bitcoin and gold and whether he is a Bitcoin bull market, Rieder said:

I think cryptocurrency will continue to exist.

Rieder elaborated: “I think this is long-lasting, and you have seen central banks talk about digital currency. I think the acceptance of digital currency and technology and cryptocurrency (especially the acceptance of millennials) is real. Digital The payment system is real, so I think Bitcoin will continue to exist.”

Regarding whether he is a Bitcoin bull market, Rieder said: “In my portfolio, company portfolio, business portfolio, I haven’t done much or hardly anything.” Although “it’s hard to say whether [bitcoin’s] A price worth trading today,” he confirmed:

But do I think this is a permanent mechanism… Do I think it can replace gold to a large extent? Yes, I do, because it is much more practical than passing gold bars.

Reid’s comments are very popular in the crypto community. Raoul Pal, a former hedge fund manager at Goldman Sachs, tweeted: “This is big news. This is the largest asset management company on the planet. There will be severe supply shortages in 2021. A year of misalignment of currency demand and price increases.”

READ  Incredible bonuses from Beaxy.com | Press release Bitcoin News

Thomas Lee, head of research at Fundstrat Global Advisors, stated that Bitcoin is “killing this year – this year is just shattering all other hedging and asset classes, but in 2021 I think Bitcoin may become the year of fireworks… The best is probably not yet here.”

Before the Blackstone Chief Investment Officer made the above comments, many other hedge fund managers said that they own Bitcoin, including Paul Tudor Jones, Bill Miller and Stan Druckenmiller.

What do you think of Blackstone executives’ views on Bitcoin? Let us know in the comments section below.

Picture Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for reference only. It is not a direct offer or solicitation of an offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. For the use or reliance on any content, goods or services mentioned in this article, or any loss or loss related to it, the company or the author shall not directly or indirectly bear any responsibility.