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Bitcoin could ‘go up significantly,’ says the CIO of Blackrock, the World’s Largest Asset Manager

Bitcoin Could ‘Go up Significantly,’ Says CIO of World’s Largest Asset Manager Blackrock

Blackrock’s chief investment officer says that he can see bitcoin rising significantly. He said, “I like volatile assets that have upside convexity.”

Blackrock CIO Sees Significant Upside to Bitcoin

Rick Rieder, Blackrock’s chief investment officer (CIO) of Global Fixed Income, was asked Friday in an interview with CNBC about his view on bitcoin now that the cryptocurrency is legal tender in a country.

Blackrock, the world’s biggest asset manager, had $9.5 trillion in assets under administration (AUM) as of the end the second quarter. Rieder also heads the Fundamental Fixed Income and Global Allocation Investment Teams businesses. His assets total approximately $2.4 trillion.

Rieder began his comment on the widespread opinion that cryptocurrency is “a hedge” or “an alternative [currency].”. He cited its correlation to equities as well as risk assets and said that cryptocurrency was not a great hedge. Noting that its price can move 15% a day, he reiterated, “I’m not sure it’s a great hedge.”

Regarding cryptocurrency being “an alternative currency,” the author stated:

Part of why I own a small piece of bitcoin is I do think there are more people who are going to enter that fray over time … I like assets that are volatile that have upside convexity. I can see bitcoin rising significantly.

Rieder pointed out that Blackrock holds a “very modest” amount of cryptocurrency. He acknowledged that bitcoin is volatile and said he doesn’t see it as a key asset like stocks or bonds. He does see value in small amounts of bitcoin as a speculative tool for a portfolio.

In November last year, he said that cryptocurrency was here to stay and could even replace gold to a large extent.

Do you agree with Blackrock’s CIO? Please let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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