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Count Rick Rieder, Chief Global Fixed Income Investment Officer at BlackRock, as a cryptocurrency believer.

“I think it could have some real upside. My sense is that there are more buyers than sellers. It’s an asset class that I think is enduring,” Ryder said on Yahoo Finance Live.

Reader revealed that he owns “small pieces” of cryptocurrency in several of his larger investment portfolios, and compares positions to holding stakes in venture capital firms.

“Honestly, I’m glad I’m doing it [own crypto]. This helped me learn about the evolution of what I believe will be the blockchain technology that will continue to grow. So I’m glad I took part in it.”

It is safe to say that not everyone in the financial services industry is optimistic about cryptocurrencies.

Paulson & Company founder John Paulson — who became famous during the financial crisis for making billions for his hedge fund by betting against subprime mortgages — recently said that Bloomberg’s cryptocurrency “will eventually prove worthless.”

“I wouldn’t recommend anyone invest in crypto,” Paulson, who turned his hedge fund into a family office in 2020 amid a steady hawk of outflows, said in the interview.

The very bearish trend comes with many well-known cryptocurrencies (such as Bitcoin) rushing aggressively from the lows seen earlier in the year. Meanwhile, up-and-coming cryptocurrency like Cardano has seen a steady rally this year – as of Monday, the assets are up over 1,300%.

“What we think it is [John Paulson] is that Bitcoin is much more than a store of value or digital gold. Bitcoin in particular is a new global monetary system. It is a rule-based monetary policy, which is completely decentralized and therefore not subject to the whims of policy makers. In fact, it is a hedge against the whims of policy makers, especially in emerging markets,” Ark Invest founder Cathy Wood told Yahoo Finance Live.

Brian Suzy It is a comprehensive editor and Announcer at Yahoo Finance. Follow Suzy on Twitter Tweet embed and on LinkedIn.

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