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Bitcoin Could ‘Go up Significantly’: CIO Blackrock

Bitcoin might rise dramatically, according to the chief investment officer of Blackrock, the world’s largest asset manager. He stated, “I want things that are volatile and offer upside convexity.”

credits- DW.com

Bitcoin Has a Lot of Potential, According to Blackrock’s Chief Investment Officer

In a Friday interview with CNBC, Rick Rieder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, was questioned about his thoughts on bitcoin now that it is legal tender in a country.

With over $9.5 trillion in assets under management (AUM) at the end of the second quarter, Blackrock is the world’s largest asset manager. Rieder also serves as the firm’s head of Fundamental Fixed Income and the Global Allocation Investment Team. He is in charge of around $2.4 trillion in assets.

Rieder began by addressing the widely held belief that cryptocurrency is either “a hedge or an alternative [currency].” “I’m not convinced it’s a particularly excellent hedge,” he said of cryptocurrencies as a hedge, given its link to equities and risk assets. He reiterated, “I’m not sure it’s a great hedge,” noting that its price can move 15% per day.

 

With over $9.5 trillion in assets under management (AUM) at the end of the second quarter, Blackrock is the world’s largest asset manager. Rieder also serves as the firm’s head of Fundamental Fixed Income and the Global Allocation Investment Team. He is in charge of around $2.4 trillion in assets.

Rieder began by addressing the widely held belief that cryptocurrency is either “a hedge or an alternative [currency].” “I’m not convinced it’s a particularly excellent hedge,” he said of cryptocurrencies as a hedge, given its link to equities and risk assets. He reiterated, “I’m not sure it’s a great hedge,” noting that its price can move 15% per day.

He stated in November of last year that bitcoin was here to stay and might eventually replace gold.

 

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