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Bitcoin prices jumped 4% on Friday to exceed $ 18,700 – approaching the all-time high of just under $ 20,000 in December 2017 – after Black rock (BLK)Rick Rieder’s director of fixed income investments said in an interview with CNBC that bitcoin is here to stay.
“Do I think this is a durable mechanism that could replace gold to a large extent? Yes, I think so, because it’s so much more functional than passing a bar of gold,” said Rieder.
The approval of BlackRock, which manages nearly $ 8 trillion in assets, is the latest sign of bitcoin validation in the mainstream financial world.
Square (SQ) and Pay Pal (PYPL) endorsed it as a viable form of payment, and influential hedge fund managers Stanley Druckenmiller and Paul Tudor Jones touted it as an investment.
Yet gold also rose on Friday. Gold and bitcoin benefited from a weaker dollar. Investors increasingly see bitcoin as a viable alternative to government-backed paper currencies.
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