Investment management giant BlackRock is the latest major financial player to venture into the Bitcoin market.
In a new interview on CNBC’s Squawkbox, BlackRock CIO of global fixed income Rick Rieder confirms that the world’s largest asset manager with $8.67 trillion assets under management is buying BTC, though he won’t reveal how large the allocation may be.
Rieder says that despite the extraordinary volatility of the king coin, it is attracting investors looking for a store of value.
“I think crypto generally has gotten the imagination of a lot of people. Today, the volatility of it is extraordinary, 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 debts are building, so we’ve started to dabble a bit into it.”
As Bitcoin continues its bullish run, hitting a new all-time high this week of $52,533, Rieder says crypto’s improving technology and the public