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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.

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