BlackRock, the world’s largest asset manager, could increase its investments in Bitcoin over time as public attitudes continue shifting, according to Rick Rieder, the firm’s Chief Investment Officer of Global Fixed Income. In a forthcoming interview with the Wall Street Journal, Rieder indicated BlackRock currently holds only a small bitcoin allocation but is open to expanding its crypto exposure.
As head of BlackRock’s $2.4 trillion Global Allocation division, Rieder oversees fixed-income portfolios like the BlackRock Strategic Income Opportunities and Total Return funds. His comments suggest the firm sees significant upside potential in bitcoin as adoption rises.
CEO Larry Fink has transformed from a Bitcoin critic to a supporter, even praising it as “digital gold.” BlackRock recently won approval for a spot in Bitcoin ETF after making crypto and blockchain a priority. Fink said crypto investments align to provide accessible options.
Rieder believes Bitcoin could ultimately replace gold given its superior functionality. He told the WSJ that more venues for purchasing, selling, and holding Bitcoin have increased overall accessibility and comfort with digital assets.
With BlackRock’s total assets under management around $9 trillion, even a small portfolio allocation to Bitcoin would be significant. As senior executives strike an increasingly bullish tone on crypto, don’t be surprised if this financial heavyweight ups its Bitcoin exposure to ride the digital asset wave.
