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The world's most popular cryptocurrency surged as much as 3. Cryptocurrencies have garnered attention in recent weeks as companies and traditional investors accept their uses. Read more: Morningstar's top stock pickers say these are the 10 highest-conviction stocks they recommend — and which top fund managers recently piled their money into. Some of Wall Street's biggest names have also backed the rally. Rick Rieder, BlackRock's chief investment officer, said Friday that Bitcoin was " here to stay " because of millennials' interest in digital payments.
Stanley Druckenmiller said on November 9 that he had "warmed up to the fact that bitcoin could be an asset class that has a lot of attraction. Others are skeptical about the run. Ray Dalio said last week that he " might be missing something about bitcoin ," adding that its volatility diminishes its use as a store of wealth and a medium of exchange.
Even if Bitcoin maintains its lofty value, it can't replace central-bank currencies, because governments are likely to ban the token "and make it too dangerous to use," Dalio tweeted. The Tuesday surge lifted other popular cryptocurrencies. Ether gained as much as 4. XRP spiked Now read more markets coverage from Markets Insider and Business Insider:.
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