BlackRock, the world’s largest asset manager, starts to ‘dabble’ in bitcoin

cnbc2021-02-18

KEY POINTS BlackRock, the world’s largest asset manager, has “started to dabble” in bitcoin, according to Rick Rieder. “I wouldn’t put a number on the percentage allocation one should have, depends ...

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Comments

chewychew123
2021-02-19
chewychew123
Interesting read
EZQQQQ
2021-02-18
EZQQQQ
BTC
JayH
2021-02-18
JayH
Bitcoin???A like would be appreciated
xjxjxj
2021-02-18
xjxjxj
Swee
HuiTeng
2021-02-18
HuiTeng
Good
Audrey Chew
2021-02-18
Audrey Chew
likes please

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The funds areBlackRock Strategic Income Opportunities andBlackRock Global Allocation Fund.\nA number of other financial institutions, such asBNY MellonandMastercard, have made entrances into the crypto space in recent days. BNY Mellon, the nation's oldest bank, willlaunch a digital assets unit later this year, while Mastercardintends to support certain cryptocurrencieson its formal network.\nElectric-vehicle makerTeslaalso announced last week it bought $1.5 billion worth of bitcoin using cash on its balance sheet and intends to begin accepting the digital coin as payment for its products.\nThe price of bitcoin has risen more than 70% this year, adding to a major rally that began in the fall. “My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” Rieder said.\nDespite bitcoin’s growing respectability as an asset class, Rieder said Wednesday that how much exposure an investor should have “depends on what the rest of your portfolio looks like.”\n“We’re holding a lot more cash than we’ve held historically,” he said. “It’s because duration doesn’t work, interest rates don’t work as a hedge and so diversifying into other assets makes some sense. 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.”\nNew York-based BlackRock had$8.68 trillion of assets under managementat the end of the fourth quarter.\nRieder has spoken positively about the potential for bitcoin before, telling CNBC in November he believes itcould “take the place of gold to a large extent.”He added, “I think digital currency and the receptivity — particularly millennials’ receptivity — of technology and cryptocurrency is real.”","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":387085200,"gmtCreate":1613699678300,"gmtModify":1704883804106,"author":{"id":"3561357785665371","authorId":"3561357785665371","name":"chewychew123","avatar":"https://static.tigerbbs.com/382e83b25fca8077779f4f1dbc8392df","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3561357785665371","authorIdStr":"3561357785665371"},"htmlText":"Interesting read&nbsp;","listText":"Interesting read&nbsp;","text":"Interesting read","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/387085200","repostId":1107316077,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384541304,"gmtCreate":1613662620408,"gmtModify":1704883462365,"author":{"id":"3571841261863367","authorId":"3571841261863367","name":"EZQQQQ","avatar":"https://static.tigerbbs.com/5a93280a186b08f9bf8bbcf88be44b64","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"3571841261863367","authorIdStr":"3571841261863367"},"htmlText":"BTC","listText":"BTC","text":"BTC","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/384541304","repostId":1107316077,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":384118700,"gmtCreate":1613624695400,"gmtModify":1704882857671,"author":{"id":"3561773466866037","authorId":"3561773466866037","name":"JayH","avatar":"https://community-static.tradeup.com/news/edf9f700fb85ddf875a05788b9126ef2","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":1,"crmLevelSwitch":0,"idStr":"3561773466866037","authorIdStr":"3561773466866037"},"htmlText":"Bitcoin???A 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