BlackRock, the world’s largest asset management firm, is finally entering the world of bitcoin as an investment. At least, that’s how its Investment Director, Rick Rieder, hinted this Wednesday, February 17.
Rieder said that the more attention there has been to bitcoin as a store of value, the general interest has grown. And from BlackRock they have closely followed the cryptocurrency, in which they finally decided to invest. Nevertheless, The executive did not give details, amounts or the incidence of this incursion in its operations.
During an interview with the US television network CNBC, the firm’s representative also assured that he would not dare to “put a number” on the percentage that an organization would have to put in bitcoin within its portfolio. But he did consider it to be a good value reserve alternative.
Right now, volatility [del precio de bitcoin] It’s extraordinary, but people are looking for stores of value, people are looking for places where their money can be appreciated. And yes, we started to dabble in that a bit.
Rick Rieder, Director of Investments at BlackRock.
For Rieder, we have reached a point where The development of technology has made possible the level of interest in a digital currency like bitcoin. In fact, more and more institutions are showing their interest in cryptocurrency as an asset within their portfolios.
Rick Rieder, CIO of BlackRock, sees bitcoin as a viable investment option and store of value. Source: screenshot
BlackRock sees in bitcoin the gold of the future
Although Rieder now seems to confirm that BlackRock has allocated some funds to investing in bitcoin, the relationship of the investment fund manager with the first cryptocurrency on the market is not new.
The executive’s words currently echo various statements from him and from other company spokesmen. From BlackRock they consider bitcoin not only as a competition for the dollar, as an international reserve currency, but who see it as the future substitute for gold.
Last December, Rieder himself assured that “bitcoin will take the place of gold,” CriptoNoticias reported. Also interviewed on US television, the executive referred to the ease of transferring value using bitcoin, as opposed to the precious metal. “It is much more functional than passing a gold bar from one side to the other,” he explained.
Soon after, Larry Fink, CEO of the firm, weighed the role of bitcoin as a possible reserve currency to the detriment of the dollar. As this newspaper reported, Fink was blunt in stating that «A digital currency [como bitcoin] it makes the dollar less relevant. “
To be sure, there is growing interest from many companies in investing in cryptocurrency, with large buyouts like those from MicroStrategy, Tesla, and Grayscale’s growing BTC fund. Despite this, by the end of January the institutions had only managed to accumulate around 5% of the supply of bitcoins in circulation.
Updated data from Bitcoin Treasueries shows that there is already 6% of the BTC in existence held by companies. This shows how, at least for the moment, large investors they begin to amass fortunes in the cryptocurrency created by Satoshi Nakamoto.