Bitcoin prices rose 4% Friday to over $ 18,700 came closer to the highest level in history at just under $ 20,000 from December 2017 – after Black stone (‘s Chief Investment Officer for fixed income, Rick Rieder, said in a CNBC interview that bitcoin is here to stay. )
“Do I think it’s a durable mechanism that can largely replace gold? Yes, I do because it’s so much more functional than carrying a bare gold around,” Rieder said.
The endorsement by BlackRock, which manages nearly $ 8 trillion in assets, is the latest sign of validation of bitcoin from the mainstream financial world.
Square ( and )PayPal ( has endorsed it as a viable form of payment, and influential hedge fund managers Stanley Druckenmiller and Paul Tudor Jones have hailed it as an investment. )
Still, gold also moved higher Friday. Gold and bitcoin have benefited from a weaker dollar. Investors are increasingly seeing bitcoin as a viable alternative to paper, state-subsidized currencies.