World's leading asset manager BlackRock dips its toes into Bitcoin

Finance | 18 Feb 2021 11:07 am

BlackRock’s Rick Rieder told CNBC on Wednesday the world’s largest asset manager has begun entering the bitcoin space.

The remarks from Rieder, who is BlackRock’s chief investment officer of global fixed income, came on the same day bitcoin broke above US$51,000 for the first time.

“Today the volatility of it is extraordinary, but listen, people are looking for storehouses of value,” Rieder said on “Squawk Box.” “People are looking for places that could appreciate under the assumption that inflation moves higher and that debts are building, so we’ve started to dabble a bit into it.”

In January, BlackRock added bitcoin futures as an potential investment for two of its funds, according to filings with the Securities and Exchange Commission. The funds are BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund.

A number of other financial institutions, such as BNY Mellon and Mastercard, have made entrances into the crypto space in recent days. BNY Mellon, the nation’s oldest bank, will launch a digital assets unit later this year, while Mastercard intends to support certain cryptocurrencies on its formal network.

 

 

 

 



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