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The chief investment officer of the world’s largest asset manager, Blackrock, says he could see bitcoin skyrocketing. “I like volatile assets with an upside,” he said.

Blackrock CIO sees significant rise in Bitcoin

Rick Rieder, chief investment officer (CIO) of Global Fixed Income at Blackrock, was asked Friday in an interview with CNBC about his view of bitcoin now that the cryptocurrency is legal tender in a country.

Blackrock is the world’s largest asset manager, with approximately $9.5 trillion (AUM) in assets under management at the end of the second quarter. Reader is also the company’s president of the primary fixed income business and head of the global allocation investment team. He is responsible for approximately $2.4 trillion in assets.

Reader began by commenting on the popular opinion that cryptocurrency is either a “hedge or an alternative.” [currency]. Regarding cryptocurrencies as a hedge, he said, “I’m not sure it’s a really great hedge,” noting its correlation with stocks and risk assets. Noting that its price could move 15% in a day, he reiterated, “I’m not sure it’s a great hedge.” “.

Regarding cryptocurrency as an “altcoin,” he said:

Part of the reason I own a little bit of Bitcoin is because I think there are more people who will get into this struggle over time… I like volatile assets with an upward sloping bulge. I could see Bitcoin going up significantly.

Reader notes that BlackRock has a “very moderate” amount of cryptocurrencies in its portfolio. Emphasizing that bitcoin is volatile, he said he does not see it as an underlying asset like bonds or stocks. However, he sees value in owning a small amount as a speculative instrument in the portfolio.

In November last year, he said that the cryptocurrency is here to stay and could even largely replace gold.

Do you agree with the chief information officer at Blackrock? Let us know in the comments section below.

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