{"id":59288,"date":"2021-09-12T09:02:58","date_gmt":"2021-09-12T09:02:58","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=59288"},"modified":"2021-09-12T09:02:58","modified_gmt":"2021-09-12T09:02:58","slug":"bitcoin-could-go-up-significantly-says-cio-of-worlds-largest-asset-manager-blackrock","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=59288","title":{"rendered":"Bitcoin Could \u2018Go up Significantly,\u2019 Says CIO of World\u2019s Largest Asset Manager Blackrock"},"content":{"rendered":"

\"Bitcoin<\/p>\n

The chief investment officer of the world\u2019s largest asset manager, Blackrock, says he could see bitcoin going up significantly. \u201cI like assets that are volatile that have upside convexity,\u201d he said.<\/strong><\/p>\n

Blackrock CIO Sees Significant Upside to Bitcoin<\/h2>\n

Rick Rieder, Blackrock\u2019s 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<\/a> in a country.<\/p>\n

Blackrock is the world\u2019s 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\u2019s 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.<\/p>\n

Rieder began by commenting on the popular opinion that cryptocurrency is either \u201ca hedge or an alternative [currency].\u201d Regarding cryptocurrency as a hedge, he said, \u201cI\u2019m not sure it\u2019s a really great hedge,\u201d citing its correlation to equities and risk assets. Noting that its price can move 15% a day, he reiterated, \u201cI\u2019m not sure it\u2019s a great hedge.\u201d<\/p>\n

<\/ins> <\/ins> <\/p>\n

Regarding cryptocurrency as \u201can alternative currency,\u201d he opined:<\/p>\n

\n

Part of why I own a small piece of bitcoin is I do think there are more people who are going to enter that fray over time \u2026 I like assets that are volatile that have upside convexity. I could see bitcoin go up significantly.<\/p>\n<\/blockquote>\n

Rieder noted that Blackrock has a \u201cvery moderate\u201d amount of cryptocurrency in its portfolio. Emphasized that bitcoin is volatile, he said he does not see it as a core asset like bonds or stocks. Nonetheless, he sees value in having a small amount as a speculative tool in a portfolio.<\/p>\n

In November last year, he said <\/a>that cryptocurrency was here to stay and could even replace gold to a large extent.<\/p>\n

Do you agree with Blackrock\u2019s CIO? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

The chief investment officer of the world\u2019s largest asset manager, Blackrock, says he could see bitcoin going up significantly. \u201cI like assets that are volatile that have upside convexity,\u201d he said. Blackrock CIO Sees Significant Upside to Bitcoin Rick Rieder, Blackrock\u2019s chief investment officer (CIO) of Global Fixed Income, was asked Friday in an interview […]<\/p>\n","protected":false},"author":2,"featured_media":59289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-59288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/59288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59288"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/59288\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/59289"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}