BlackRock Chief Investment Officer Rick Rieder has reportedly said that the company may consider increasing its holdings in Bitcoin (BTC).
Speaking on the Wall Street Journal’s “Take on the Week” podcast, Rieder, who oversees global fixed income and is head of global allocation at BlackRock, talked about the wealth management giant BlackRock’s holdings. He said there is only a “very small amount” of BTC in existence.
However, the CIO says BlackRock’s exposure to BTC could evolve with public attitudes towards the top market-capitalized crypto asset.
“Time will tell whether that becomes a big part of the asset allocation framework. I think over time people will become more and more accustomed to it.
The more acceptance there is, the more vehicles people have available to own it, buy it, sell it, liquidate it, feel more comfortable… adopting it as an asset. As the number of people increases, we think that the possibility of upward mobility is real, and it has recently been recognized. ”
BlackRock, currently the world’s largest asset manager, successfully launched the iShares Spot Bitcoin exchange-traded fund (ETF) last month, according to reports. accumulated We need billions of dollars worth of BTC to back it up.
In an interview on CNBC’s Squawk Box, BlackRock CEO Larry Fink said Bitcoin is similar to gold, but with the added bonus of low supply, it can protect against uncertain times. He said he believes it is a legitimate store of value asset.
“I believe that [Bitcoin] Because I believe it is an alternative means of preserving wealth. I don’t think it will become a currency. I think it’s an asset class. I think we’re going to create a digital currency. We’re going to leverage that technology. I’m going to use blockchain…
i believe [Bitcoin] When the world becomes more fearful, when people fear geopolitical risks and fear their own risks, stock prices rise. It’s no different from what gold has symbolized for thousands of years. An asset class that protects you. And unlike gold, where new gold is created, Bitcoin production has almost reached its limit. ”
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