CNBC Pro

BlackRock's Rieder says bitcoin can replace gold 'to a large extent' and crypto is 'here to stay'

Rick Rieder
Anjali Sundaram | CNBC

(This story is for CNBC Pro subscribers only.)

BlackRock's Rick Rieder on Friday touted the benefits of bitcoin, telling CNBC he believes that cryptocurrency in general is "here to stay."

The comments from Rieder, chief investment officer of global fixed income at the world's largest money manager, come after high-profile Wall Street investors Paul Tudor Jones and Stanley Druckenmiller have in recent weeks offered positive comments on bitcoin.

"I think cryptocurrency is here to stay. I think it is durable, and you've seen the central banks that have talked about digital currencies," Rieder said on "Squawk Box." "I think digital currency and the receptivity — particularly millennials' receptivity — of technology and cryptocurrency is real. Digital payment systems is real, so I think bitcoin is here to stay."

More In CNBC TV Picks

CNBC ProThe S&P 500 could reach 3,200 before bottoming in ‘worst-case scenario,’ Fairlead Strategies’ Stockton says
CNBC ProWharton's Siegel says market is 'within 5%' of the bottom, cites earnings as driver of weakness
CNBC ProGuggenheim's Minerd says S&P 500's decline could double from here if Fed keeps hiking rates