BlackRock's CIO says the company may increase its “very small” Bitcoin exposure and believes BTC upside potential is real

BlackRock Chief Investment Officer Rick Rieder reportedly says the company may consider increasing its Bitcoin (BTC) holdings.

On the Wall Street Journal's “Take On the Week” podcast, Rieder, who oversees global fixed income and is head of global allocation at BlackRock, said the asset management giant only has a “very small” amount of BTC.

However, the CIO says BlackRock's exposure to BTC could continue to evolve along with public attitudes toward the top crypto asset by market cap.

“Time will tell whether it will be an important part of the asset allocation framework… I think over time people will become more and more comfortable with it.

As receptivity increases, we now have more vehicles that people can use to become more comfortable with owning something, buying it, selling it, liquidating it… As there are more and more people who As an asset, we think the upside potential is real, which has recently been recognized.”

BlackRock, currently the world's largest asset manager, successfully launched its spot Bitcoin exchange-traded fund (ETF) iShares last month, reportedly accumulating billions of dollars worth of BTC to fund it.

In an interview on CNBC's “Squawk Box,” BlackRock CEO Larry Fink said he believes Bitcoin is a legitimate store of value that can protect against times of uncertainty – similar to gold, but with the added benefit of tighter supply.

“I believe [Bitcoin] because I believe it is an alternative source of wealth ownership. I don't think it will ever be a currency. I believe it is an asset class. I think we will create digital currencies. We will use the technology for this. We will use the blockchain…

I believe [Bitcoin] rises when the world is more afraid, when people are afraid of geopolitical risks, when they are afraid of their own risk. It is no different than what gold represented for thousands of years. It is an asset class that protects you. And unlike gold, where we are creating new gold, we are almost at the cap of the amount of Bitcoin being created.”

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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