BlackRock’s Hildebrand Would Take Cash Over Gold or Bitcoin

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BlackRock’s Hildebrand Would Take Cash Over Gold or Bitcoin

Philipp Hildebrand is BlackRock Inc. Vice Chairman. Gold and Bitcoin are just as good as old-fashioned cash.The former Swiss National Bank gov

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Philipp Hildebrand is BlackRock Inc. Vice Chairman. Gold and Bitcoin are just as good as old-fashioned cash.

The former Swiss National Bank governor chose the greenback when asked by a panel of virtual London Bullion Market Association members whether he would prefer $10,000 in bullion, cash or bitcoin. His reasoning was not explained.

On the prospect of tighter monetary policies, gold prices are down 15% from their record high last year. Russ Koesterich, BlackRock’s fund manager, said last week that he sold nearly all of his gold holdings due to expectations that real rates would normalize with the recovery in global economic conditions.

The outlook for gold is heavily dependent on consumer prices and the Federal Reserve’s timeline to curb stimulus. Hildebrand stated that inflation could settle at 3% or slightly higher after the spike in supply chain snarlings subsides. Hildebrand also mentioned central banks’ tolerance for price overshoots.

He stated that although we won’t have inflation of 5%, 6 or 7%, I believe inflation will rise. “We are now in a higher level of inflation than we were in the past decade.”

He said that the world’s efforts to combat climate change will lead to higher inflation because of the high cost of green production. He said that he didn’t think the Fed would raise rates before 2023, and the European Central Bank would tighten policy thereafter.

Bitcoin trades at around $43,470. This is roughly 25 times the price of one ounce of gold.