The chief investment officer of the world’s largest asset manager, Blackrock, says he could see bitcoin going up significantly. “I like assets that are volatile that have upside convexity,” he said.
Blackrock CIO Sees Significant Upside to Bitcoin
Rick Rieder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, was asked Friday in an interview with CNBC about his view on bitcoin now that the cryptocurrency is legal tender in a country.
Blackrock is the world’s largest asset manager, with about $9.5 trillion in assets under management (AUM) at the end of the second quarter. Rieder is also the firm’s head of the Fundamental Fixed Income business and head of the Global Allocation Investment Team. He is responsible for roughly $2.4 trillion in assets.
Rieder began by commenting on the popular opinion that cryptocurrency is either “a hedge or an alternative [currency].” Regarding cryptocurrency as a hedge, he said, “I’m not sure it’s a really great hedge,” citing its