The CIO of the world’s largest asset manager says Bitcoin could ‘increase significantly’ and that it is a ‘lot easier to be bullish on cryptocurrencies today than it was six months ago.’
The blackrock chief information officer is a CIO of the world’s largest asset manager. He says that bitcoin could increase significantly in value.
News about Bitcoin
When asked why he buys bitcoin, Rick Rieder, managing director at BlackRock, the world’s largest asset manager, disclosed it during an interview a few days ago. The conversation’s most interesting element is that BlackRock seems to have disclosed for the first time that it owns Bitcoin. In November 2020, the BlackRock CIO said that Bitcoin was not in any of his investments.
BlackRock was founded in 1988 and started operations with just eight workers in a single room. It went public on the New York Stock Exchange on October 1, 1999, at a price of $14 a share. Bitcoin, according to the Chief Investment Officer of Blackrock, the world’s biggest asset management firm, may expand significantly.
Rick Rieder, Blackrock’s Global Fixed Income Chief Investment Officer, is our guest this time (CIO). In a Friday interview with CNBC, he was asked about his thoughts on Bitcoin. Now that bitcoin is legal in a country, it’s time to start using it.
He described cryptocurrencies as a “alternative currency” by saying:
“One of the reasons I hold a modest amount of bitcoin is because I believe more individuals will join the fight over time… Volatile investments with upward convexity appeal to me. I believe bitcoin will substantially increase in value.”
It’s possible that it’ll eventually take the place of gold.
According to Rieder, Blackrock’s bitcoin holdings are “quite modest.” He emphasized that Bitcoin is a volatile currency. He also said that it is not a fundamental asset like bonds or stocks. He does, however, believe that maintaining a little amount in a portfolio as a speculative tool has value.
Blackrock is the world’s biggest asset manager, with about $9.5 trillion in assets under management at the end of the second quarter (AUM). Rieder is also the Head of the Global Investment Allocation Team and the Head of the Basic Fixed Income Business. The total value of the assets is $2.4 trillion.
He said in November of last year that bitcoin is here to stay and that it may eventually replace gold.
The blackrock bitcoin fund is a company that is planning to invest in Bitcoin. World’s Largest Asset Manager, BlackRock, has said that the cryptocurrency could increase significantly.
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