Rieder made the statement on BlackRock’s involvement during an interview with CNBC‘s Squawk Box Wednesday morning. He said that Blackrock “is starting to dabble” in the cryptocurrency, but did not provide any specifics on what that means for its operations.
Rieder said that interest in Bitcoin is rising as people search out alternative stores of value. “My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” Rieder stated.
Rieder also added that allocating some portion of one’s investment portfolio to crypto “seems to make some sense.”
“I wouldn’t put a number on the percentage allocation one should have, it depends on what the rest of your portfolio looks like,” he said.
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