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BlackRock now engaging with Bitcoin

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BlackRock is an American multinational investment management corporation founded in 1988 and is the world’s largest asset manager, with $8.67 trillion in assets.

Rick Rieder, the chief investment officer of global fixed income of BlackRock, said in an interview on Wednesday for CNBC, that the firm has started to dabble in Bitcoin.
He stated:

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“People are looking for places that could appreciate under the assumption thatinflation moves higher and that debts are building, so we’ve started to dabble a bit into it.”

He also believes that the technology and regulations of Bitcoin have changed to a certain extent that makes it a good choice for investments.

“My sense is the technology has evolved and the regulation has evolved to the point where anumber of people find it should be part of the portfolio, so that’s what’s driving the price up.”

Rick Rieder

BlackRock is now holding the biggest amount of cash that it has held in its 30 years history. The circumstances of the market are making the company approach digital currency as a solution.

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