BlackRock’s Rick Rieder Hints at Expanded Bitcoin Exposure

cryptonews.com:

Asset manager BlackRock may boost its Bitcoin exposure in the future.

That’s according to Rick Rieder, head of global allocation at BlackRock, who is responsible for about $2.4t in assets at the investment firm.

In an upcoming episode of the Wall Street Journal’s Take On the Week podcast, Rieder mentioned that his funds at BlackRock currently hold a small amount of bitcoin. However, he indicated that this could shift based on changing public sentiments.

As the CIO of Global Fixed Income, Rieder manages various fixed income funds at BlackRock, such as the BlackRock Strategic Income Opportunities Fund, BlackRock Total Return Fund, and BlackRock Corporate High Yield Fund.

“Time will tell whether it’s gonna be a big part of the asset allocation framework,” he said. “I think over time, people become more and more comfortable with it.”

BlackRock's portfolios might be getting more #Bitcoin in coming years. https://t.co/G58edjPSv3

Rick Rieder, BlackRock’s head of global allocation, said his funds at the $10 trillion asset manager could ramp up exposure to #Bitcoin

“Time will tell whether it's gonna be a big…

— Anthony Scaramucci (@Scaramucci) February 9, 2024

BlackRock, one of the world’s largest asset managers, reported assets under management worth $9.1t as of Oct. 2023. This includes a wide range of assets such as equity, fixed income, multi-assets, and alternatives.

Larry Fink, BlackRock’s CEO, once criticized bitcoin as an “index of money laundering.” Nowadays, he lauds it as digital gold and crypto as a global asset.

The investment firm is among the entities that recently obtained approval for its spot Bitcoin ETF application.

Fink has said that BlackRock’s venture into the crypto aligns with the company’s goal of offering