BlackRock has begun to “dabble” in the field of encryption

BlackRock Financial Management Chief Investment Officer Rick Rieder hinted that the company has invested part of its portfolio in cryptocurrencies.

In an interview with the CNBC program “Squawk Box” on Wednesday, Rieder said that BlackRock, which manages more than $8.6 trillion in assets, has “started to get involved” in the field of cryptocurrency investment. The chief investment officer described the volatility of cryptocurrencies such as Bitcoin (BTC) as “extraordinary”, but he acknowledged that many investors are looking for “places to appreciate under the assumption that inflation rises with debt. “.

Reider said: “It seems meaningful to me to exchange a portion of my cash for cryptocurrency, but I will not support specific allocations or targeted holdings.” “I think that technology has developed and regulations It has also grown to the point where many people think it should be part of the portfolio.”

Rieder did not specify the proportion of assets that BlackRock manages to invest in crypto assets, but before he commented, BlackRock mentioned Bitcoin in two plans submitted to the US Securities and Exchange Commission (SEC). These documents indicate that BlackRock may use bitcoin derivatives and other assets as part of its investment plan.

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In recent months, the executives of this asset management company have taken a positive attitude towards cryptocurrencies. Rieder previously stated that Bitcoin has the potential to “substantially replace gold”, and in December 2020, the company’s CEO Larry Fink stated that Bitcoin has caught his attention and may evolve into a global market .

Earlier this month, Tesla bought Bitcoin for $1.5 billion, which left many companies facing the question of whether they would consider investing in this crypto asset. Both Microsoft and General Motors stated that they have no plans to include Bitcoin on their balance sheets in the near future, and Amsterdam-based payment processing company Adyen did not rule out this possibility.

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