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06/16 15:32
Top BlackRock Exec Remains Extremely Bullish on Bitcoin
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During a recent appearance on Bloomberg’s ETF IQ, Rick Rieder, BlackRock’s Global Fixed Income CIO and Head of the Global Allocation Team, confirmed that he remains bullish on Bitcoin. The leading cryptocurrency has experienced a massive price drop, but one of Wall Street's most influential asset managers seemingly remains unfazed by this volatility. "It's only going higher"Rieder brushed off the short-term noise during the conversation, predicting that the leading cryptocurrency by market cap will eventually be able to reach new highs.
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"I think it's going higher," Rieder stated plainly while the cryptocurrency remains down more than 45% from its record high.
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Rieder has acknowledged the choppy technical conditions, but he has stressed that the financial giant's cryptocurrency strategy remains steady and forward-looking.
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"We are keeping it at a pretty moderate exposure," Rieder explained. "I think there are some other things that we have already talked about in technology and some of the growth engines (things like parts of the credit markets and EM) that I felt like are just okay. Ultimately, I think it's going higher," he said.
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Trillions in sideline cashThe interview took place amid surging equity markets. The S&P 500, the flagship index, is up nearly 2%, and the NASDAQ is jumping over 3%. According to Rieder, this is a symptom of massive institutional and retail capital waiting to be deployed."The thing that is amazing to me, and, by the way, it played out around the SpaceX transaction is there is so much cash sitting on the sidelines, $8 trillion or $9 trillion in money market funds," Rieder observed. "You go back a week ago and you think about this big SpaceX deal. People have to find room in terms of portfolios, etc., so you create a little bit of that, and then once that has happened, all of a sudden it unlocks this and people say, 'I can get into the pool.' And it is pretty explosive when you see it happen," he said.
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