BlackRock CIO Admits The Company Looks Into Bitcoin

BlackRock CIO, Chief investment officer Rick Rieder admitted that the company is looking into Bitcoin, with approximately $8 trillion in assets under management and a market cap of around $110 billion so let’s find out more in our latest Bitcoin news.

Host Joe Kerner started interviewing Reider on his position regarding the number one cryptocurrency and his response was quite cagey as he tried to maintain neutral:

 “I think crypto generally has got in the imagination of a lot of people. Today, the volatility of it is extraordinary.
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But listen, people are looking for storehouses of value. People are looking for places that could appreciate, under the assumption that inflation moves higher and that’s your building.”

In the meantime, the BlackRock CIO admitted that the company started “dabbling” in BTC but refused to detail the involved sums. Instead, he mentioned that there’s a confluence of chancing factors that triggered a slight change in the policies towards BTC including his own grasp on technology and the improving regulatory landscape:

 “My sense of technology has evolved, and the regulations have evolved, to the point where a number of people find it should be part of the portfolio. And so, that’s what’s driving the price up.”

When asked on the future developments, Rieder implied that the current macroeconomic conditions pushed the company towards BTC which means that the deterioration here will boost the bigger buying pressure towards the BTC markets:

 “we’re holding a lot more cash than we’ve held historically because duration doesn’t work, interest rates doesn’t work as a hedge. And so, diversifying into other assets makes some sense.”

Last month, it emerged that BTC derivatives on commodity exchanges are becoming eligible investments for both the BlackRock Funds V and Blackrock Global Allocation Fund. Larry Fink, the CEO of BlackRock spoke about the possibility of BTC going global and added that having a cryptocurrency makes the US dollar less relevant. Rieder touched on and said that the extreme monetary policies and the surging debt is making institutions look further into crypto and diversify. Over the past few weeks, there was a flood of high-profile institutional investors like Tesla and BNY Mellon and it only built up the momentum of institutional buyers that will encourage companies to do the same or to risk exposure on the times ahead.
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