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Bitcoin is rising again after BlackRock says it could replace gold



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 (BLK)‘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.
Bitcoin rockets past $ 1[ads1]8,000.  All-time high is in sight
Square (SQ) and PayPal (PYPL) 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.

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