BlackRock with $8.7 trillion assets signals interest in Bitcoin

BlackRock, which manages about $8.7 trillion in assets, is interested in bitcoin as an alternative safe asset. This was stated by BlackRock’s chief investment officer Rick Rieder on CNBC.

According to him, the firm is gradually dabbling in cryptocurrencies, but Rieder did not provide details.

“Technology and regulation have evolved to a point where many are starting to see bitcoin as part of a portfolio, and that is pushing the price higher,” he said.

Rieder added that although BlackRock does not issue bitcoin-related recommendations, traditional-market investors may consider the buy case for the cryptocurrency.

The top executive is skeptical about the popular idea of allocating 1% of each investor’s assets to bitcoin:

“I wouldn’t put fixed percentage values on it. It all depends on what the rest of your portfolio looks like,” he said.

In December 2020, BlackRock filed notices with the U.S. Securities and Exchange Commission (SEC) that two of its funds could begin trading bitcoin futures.

Earlier, Rick Rieder described bitcoin as a reliable mechanism that “much more functional than a gold bar”.

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