BlackRock, the world’s largest asset manager with $8 trillion in assets, is making headlines this week after its Chief Investment Officer (CIO) of fixed income, Rick Rieder, said in a CNBC interview that bitcoin is more functional than gold. "I think cryptocurrency's here to stay, I think it is... durable," he said, "It's so much more functional than passing a bar of gold around." The CIO clarified his sentiments of Bitcoin by clarifying he's not particularly a bitcoin bull and doesn't see it included on many business or corporate portfolios. "Further, it's not clear if bitcoin is worth its current price of over $18,000 price," he said. He thinks institutions like BlackRock looking at allocating single-digit percentages of their portfolios to Bitcoin is currently a no-brainer. The BlackRock CIO added that the embrace of digital currencies among millennials is high and the central banks pondering over CBDCs adds to the blockchain narrative. Earlier this week, a senior analyst at Citibank, the third largest banking institution in the United States and the largest credit card issuer, compared Bitcoin to the 1970s gold market. Gold and bitcoin have benefited from a weaker dollar, as investors increasingly view bitcoin as a viable alternative to government-backed fiat currencies. American billionaire and hedge fund manager Ray Dalio also pointed to collapsing interest rates by the central banks as a reason to get out of cash and bonds. BlackRock has indirect exposure to Bitcoin through its ownership in MicroStrategy. BlackRock operates globally as a shadow bank with 70 offices in 30 countries and clients in 100 countries.