Rick Rieder, CIO at Blackrock, the world's largest asset manager, says bitcoin and crypto are durable assets. cryptocurrency $BTC
The chief investment officer of global fixed income at Blackrock, the world’s largest asset manager, says bitcoin and crypto are durable assets. “I think there’s a healthy recalibration going on,” he said, noting that “if you look two to three years hence, they will be higher than today.”Rick Rieder, chief investment officer of global fixed income at Blackrock, shared his view on bitcoin and cryptocurrency in an interview with Yahoo Finance Live on Thursday.
Rieder described: “It’s not terribly dissimilar from the internet bubble … if you go back to the ’99 and 2000, was the internet a bad idea? No, it wasn’t a bad idea. But you created so much excess around it and you just have to de-gear that dynamic, and I think we are seeing that today.” He noted: “Markets go down five times faster than they go up … That’s why you were seeing this incredible unwind.
I think there’s a healthy recalibration going on. It’s a question of how much that recalibration is going to go. He continued: “My sense is, in all these situations, you overshoot, and my guess is you have probably got some downside to go from here. But it’s hard to say what fair value is.” The Blackrock chief investment officer further shared: