On Thursday, Rick Reeder, Chief Information Officer, BlackRock, She said On CNBC’s Squawk Box, he said he owns bitcoin and that he believes its price could go up “significantly” in the future.
An executive at the world’s largest asset manager, with $9.49 trillion in assets under management, has expanded his thoughts on Bitcoin, describing it as an alternative currency that is likely to dictate its future price movement through increased adoption.
“Part of the reason I own a little bit of bitcoin is because I think there are more people who will enter this fight over time,” he said. “I like volatile assets with a bullish bulge. I could have seen Bitcoin, as it happened, go up exponentially.”
As a speculative tool, Reeder said there is value in holding some bitcoin.
In August, it was reported that BlackRock committed over $382 million to the shares of bitcoin mining giants Marathon Digital Holdings and Riot Blockchain.
A June 30 SEC filing shows that Blackrock has bought significant shares of Bitcoin miners, which it now holds in some of the funds.
BlackRock’s continued interest in bitcoin speaks to the influx of large, traditionally conservative financial institutions that are increasing their exposure to bitcoin through traditional stocks and other traditional investment vehicles such as the Grayscale Bitcoin Trust.
In January, Blackrock filed with the Securities and Exchange Commission (SEC) to include cash-settled bitcoin futures for the BlackRock Global Allocation Fund, BlackRock’s Strategic Income Opportunity Portfolio, according to Forbes.
Notably, BlackRock’s investment in Bitcoin mining comes after US Bitcoin miners are expected to benefit from the mining ban in China and the subsequent decline and global reallocation of hash power.
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