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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 414.48+0.7%Jan 9 4:00 PM EST
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From: Julius Wong11/20/2020 12:44:39 PM
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Bitcoin is 'Here to stay,' Blackrock's Rick Rieder says in new full-throated support
Nov. 20, 2020 9:21 AM ET|About: Bitcoin USD (BTC-USD)|By: Stephen Alpher, SA News Editor

Cryptocurrency fans have another big-name institutional type in their corner, with BlackRock's CIO for fixed income Rick Rieder taking time during a CNBC appearance to suggest Bitcoin ( BTC-USD) could "take the place of gold."

"It's so much more functional than passing a bar of gold around," he tells Andrew Sorkin. Rieder does add that he's not necessarily a major bull on the price, and says he holds virtually none of it in his portfolios.

In other news, Castle Island Ventures co-founder Nic Carter says the bull move in Bitcoin in 2020 is about so much more than its highly well-advertised "halving" earlier this year. He reminds that the 2017 bull run was in part fueled by investors buying Bitcoin as a channel to then speculate in the ICO craze. This year, he says, folks are buying Bitcoin to own Bitcoin.

Bitcoin this morning continues at its cycle high, trading hands at about $18.2K. The Grayscale Bitcoin Trust ( GBTC) is up 1.9% premarket. Other names that typically move in tandem include Riot Blockchain (NASDAQ: RIOT) and Marathon Patent (NASDAQ: MARA).
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