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.
“Do I think it’s a durable mechanism that could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around,” Rieder said.
The endorsement from BlackRock, which
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