BlackRock has begun to 'dabble' in bitcoin because investors are hunting for 'storehouses of value,' according to fixed-income boss Rick Rieder
- BlackRock said it has begun to "dabble" in
bitcoinbecause investors are hunting for storehouses of value.
- Bitcoin smashed through an all-time high of $52,000 on Wednesday, extending year-to-date gains to 78%.
Rick Riedertold CNBC the extent of exposure to bitcoin depends on the composition of an investor's portfolio.
While bitcoin's volatility is extraordinary, he said on "Squawk Box," investors are still hunting for storehouses of value."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," he added.
Rieder said: "My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it (bitcoin) should be part of the portfolio, so that's what's driving the price up."According to him, the extent of exposure to the asset class depends on the overall composition of an investor's portfolio.
With $8.68 trillion assets under management,
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