September 28, 2021

BlackRock has started to ‘dabble’ in crypto, says CIO

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Rick Rieder, chief investment officer at BlackRock Financial Management, hinted that the firm ha already invested a percentage of its portfolio into crypto.

In an interview with CNBC’s Squawk Box on Wednesday, Rieder said BlackRock — with more than $8.6 trillion in assets under management — has “started to dabble a bit” into crypto investments. The chief investment officer described the volatility of cryptocurrencies like Bitcoin (BTC) as “extraordinary” but acknowledged that many investors were looking for “places that appreciate under the assumption that inflation moves higher as debts are building.”

“Holding some portion of what you hold in cash in things like crypto seems to make some sense to me, but I wouldn’t espouse a certain allocation or target holding,” said Reider. “My sense is the technology has evolved and the regulations have evolved to the point where a number of people find it should be part of the portfolio.”

Rieder did not specify what percentage of BlackRock’s assets under management may be in crypto, but his comments come following the multitrillion-dollar asset manager mentioning Bitcoin in two prospectus filings with the United StatesTitle: BlackRock has started to ‘dabble’ in crypto, says CIO
Sourced From: cointelegraph.com/news/blackrock-has-started-to-dabble-in-crypto-says-cio
Published Date: Wed, 17 Feb 2021 19:27:46 +0000