BTC +1.70% · pairagraph.com · 3h
"In a cryptocurrency future, the financial system would no longer depend on debt. This might mean the end of banks as we know them."
Frances Coppola & Min Teo
"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 manages nearly $8 trillion in assets, is the latest sign of validation of bitcoin from the mainstream financial world. Square (SQ) and PayPal (PYPL) have endorsed it as a viable form of payment, and influential hedge fund managers Stanley Druckenmiller and Paul Tudor Jones have touted it as a investment. Still, gold moved higher on Friday, too. Gold and bitcoin have benefited from a weaker dollar. Investors increasingly view bitcoin as a viable alternative to paper, government-backed currencies.