Connect with us

Hi, what are you looking for?

Investing

BlackRock’s Rick Rieder Hints at Expanded Bitcoin Exposure

Asset manager BlackRock may boost its Bitcoin exposure in the future.

That’s according to Rick Rieder, head of global allocation at BlackRock, who is responsible for about $2.4t in assets at the investment firm.

In an upcoming episode of the Wall Street Journal’s Take On the Week podcast, Rieder mentioned that his funds at BlackRock currently hold a small amount of bitcoin. However, he indicated that this could shift based on changing public sentiments.

As the CIO of Global Fixed Income, Rieder manages various fixed income funds at BlackRock, such as the BlackRock Strategic Income Opportunities Fund, BlackRock Total Return Fund, and BlackRock Corporate High Yield Fund.

“Time will tell whether it’s gonna be a big part of the asset allocation framework,” he said. “I think over time, people become more and more comfortable with it.”

BlackRock’s portfolios might be getting more #Bitcoin in coming years. https://t.co/G58edjPSv3

Rick Rieder, BlackRock’s head of global allocation, said his funds at the $10 trillion asset manager could ramp up exposure to #Bitcoin

“Time will tell whether it’s gonna be a big…

— Anthony Scaramucci (@Scaramucci) February 9, 2024

Bitcoin’s Evolution at BlackRock

BlackRock, one of the world’s largest asset managers, reported assets under management worth $9.1t as of Oct. 2023. This includes a wide range of assets such as equity, fixed income, multi-assets, and alternatives.

Larry Fink, BlackRock’s CEO, once criticized bitcoin as an “index of money laundering.” Nowadays, he lauds it as digital gold and crypto as a global asset.

The investment firm is among the entities that recently obtained approval for its spot Bitcoin ETF application.

Fink has said that BlackRock’s venture into the crypto aligns with the company’s goal of offering accessible and affordable investment options. The ETFs from BlackRock and Fidelity have gained considerable investor attention, amassing over $6b since their introduction on Jan. 10th.

Rieder Sees Increased Accessibility

Rieder told WSJ that with increased openness, there are now more avenues for individuals to become accustomed to owning, purchasing, selling, and liquidating Bitcoin.

“As you get more and more people that adopt it as an asset, we think the upside potential is real, which has been recognized recently,” he added.

Rieder has previously expressed his belief that Bitcoin could largely replace gold due to its greater functionality.

The post BlackRock’s Rick Rieder Hints at Expanded Bitcoin Exposure appeared first on Cryptonews.

You May Also Like

Editor's Pick

Real gross domestic product rose at a revised 3.2 percent annualized rate in the third quarter versus a 0.6 percent rate of decline in...

Editor's Pick

In Risky Business: Why Insurance Markets Fail and What to Do About It (Yale University Press, 2023), economists Liran Einav (Stanford), Amy Finkelstein (MIT),...

Editor's Pick

For years the North Korean playbook was obvious to the world. The Democratic People’s Republic of Korea wanted to be the center of attention....

Editor's Pick

After the final lecture of my Fall 2022 International Economic Policy course (an undergraduate offering meant to introduce non-economics majors to the economics of...



Disclaimer: impactofincome.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


Copyright © 2023 impactofincome.com