The network effect of Bitcoin has forced conventional financiers to alter their tune on the virtual currency.
A senior executive at BlockRock, the world’s biggest asset management corporation, acknowledges that BTC has become an everlasting fixture in the international financial system, showing yet another noticeable sign that the narrative surrounding virtual assets has changed.
BlackRock’s CIO of Fixed Income, Rick Rieder told CNBC that Bitcoin is here to stay. While mentioning that he is not a BTC bull, Rieder mentioned that the leading cryptocurrency will take the place of gold to a large extent as it is so more efficient than passing a bar of gold around.
Occasionally, Bitcoin is referred to as “digital gold” for its exceptional store-of-value features. The crypto asset’s most ardent supporter is of the opinion that it will sooner or later take a substantial share of gold’s market capitalization as additional investors comprehend its usefulness. At press time, 1 BTC is worth around 9.96 ounces, when priced in gold.
On the corporate side, it’s projected that corporations hold around four and a half percent of BTC’s total supply, which is equivalent to over fifteen billion USD at present prices.
Notably, BlackRock has indirect exposure to Bitcoin through its ownership share in MicroStrategy, a business intelligence firm that changed the majority of its cash reserves into Bitcoin this year.
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