New York (CNN Business) Bitcoin is often referred to as digital gold. And now a top strategist at the world's largest asset management firm says the cryptocurrency could one day replace the yellow metal as a go-to safe haven investment. "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. Square SQ PayPal PYPL andhave 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.

Source: CNN November 20, 2020 15:56 UTC