CIO says BlackRock has begun to 'dabble' in cryptocurrency

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Rick Rieder said- “Holding some portion of what you hold in cash in things like cryptocurrency seems to make some sense to me,".

Rick Rieder, the chief investment officer at BlackRock Financial Management, mentioned that the firm has already invested a percentage of its portfolio into cryptocurrency.
Interview with CNBC’s Squawk Box on Wednesday 17th, 2021, Rieder said that BlackRock with more than $8.6 trillion in their assets under management has "started to dabble a bit" into cryptocurrency investments. BlackRock's chief investment officer described the levity of cryptos like Bitcoin as "extraordinary" but he also acknowledged that several investors were looking for "places that appreciate under the assumption that inflation moves higher as debts are building."
"Holding some portion of what you hold in cash in things like crypto seems to make some sense to me, but I wouldn’t espouse a certain allocation or target holding," Reider also said. "My sense is the technology has grown and the regulations have emerged to the point where several people find it should be part of the portfolio."

Rieder did not particularize the percentage of BlackRock's assets under management may be in cryptocurrency, but Rieder's comments come accompanying the multitrillion-dollar asset manager discussing Bitcoin in two prospectus filings with the US Securities and Exchange Commission.
The filings intimate the possibility of BlackRock using Bitcoin derivatives and different assets as part of its investment plan. The executives at the asset management firm have spoken confidently about cryptocurrency in recent months.

Rieder earlier said that Bitcoin holds the potential to "take the place of gold to a large extent," while in December 2020, the CEO Larry Fink said Bitcoin got his attention and could evolve into a global market. The chief investment officer's current words follow Tesla making a $1.5-billion Bitcoin purchase beginning this month, prompting many firms to face questions about if they’ll consider investing in the cryptocurrency asset.

General Motors and Microsoft have both said that they have no quick plans to put Bitcoin on their balance sheets, while Amsterdam-based payment processor Adyen didn't rule out this possibility.

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