The Chief Investment Officer of BlackRock, Rick Rieder, says that Bitcoin is durable and still has the potential to be part of the investment arena. Rieder shared his belief that the oldest cryptocurrency is here to stay for years to come and is not going anywhere.
BlackRock CIO Rick Rieder Says Bitcoin Will be a Part of Investment Arena
Discussing further the bombshell announcement by Elon Musk, Rick Rieder addressed Bitcoin as an interesting and durable asset during his appearance on CNBC’s Squawk Box on Thursday. He said:
“I think it’s durable. I think it will be part of the investment arena for years to come.”
In addition to this, the CIO of BlackRock pointed out that Bitcoin is not mature enough yet to be addressed and considered as a normal and stable asset while focussing on the fluctuations and regulatory issues among the major hurdles that it has to overcome.
Mentioning these challenges in his statement, he said:
“These challenges are real, and I think they will be overcome over time.”
Following the announcement made by the Tesla CEO, the leading cryptocurrency dipped as low as $45,700 earlier today before witnessing a moderate recovery in its prices.
The CIO of the asset manager, Rick Rieder, is positive for the future potential of the leading cryptocurrency as he believes there is still a lot left for Bitcoin to overcome in the coming years.
Asset Manager Stretching its Legs in the Crypto Market
BlackRock is the largest asset manager in the world, and it has recently stepped its toes into the very fluctuating yet sometimes rewarding crypto market earlier this year.
This had allowed the firm to get exposure to Bitcoin Futures for two of its announced funds.
Till now, asset management company BlackRock has managed to secure a significantly small position in the top cryptocurrency in the world.