Clouds. 53.9   F New York
AI-Powered News Summarizer
Top Stories

Bitcoin soars again after BlackRock says it could replace gold

November 20, 2020. Summarized by summa-bot.

Bitcoin is often referred to as digital gold. And now a top strategist at the world's largest asset management firm says the cryptocurrency could one day replace the yellow metal as a go-to safe haven investment.

New York (CNN Business)Bitcoin is often referred to as digital gold.

Bitcoin prices surged 4% Friday to above $18,700 — inching closer to the all-time high of just under $20,000 from December 2017 — after BlackRock (BLK)'s chief investment officer of fixed income, Rick Rieder, said in a CNBC interview that bitcoin is here to stay.

Yeah, I do, because it's so much more functional than passing a bar of gold around," Rieder said.

The endorsement from BlackRock, which manages nearly $8 trillion in assets, is the latest sign of validation of bitcoin from the mainstream financial world.

Still, gold moved higher on Friday, too.

Gold and bitcoin have benefited from a weaker dollar.

Summarizer is on Google News. Now you can get the latest AI summarized news on your favorite news platform.

Don't like Google News? We have an RSS Feed for you.