Blackrock CIO Rieder Defends Bitcoin and Crypto Durability Despite Ongoing Crash

Azeez Mustapha

Updated:

UNLOCK DAILY FOREX SIGNALS

Select a Plan

£40

 1-month subscription

Select

£30

 3-month subscription

Select

£21.5

 6-month subscription

Select

£399

 lifetime subscription

Select

£50

 Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored

Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


Chief investment officer (CIO) of global fixed income at Blackrock, Rick Rieder, remains bullish on Bitcoin and cryptocurrency despite the ongoing carnage ripping through the crypto market. Block rock is the world’s largest asset manager with a whopping $10 trillion in assets under management (AUM).

The Blackrock executive made some bullish comments and projections for the benchmark cryptocurrency in an interview with Yahoo Finance Live on Thursday.

Mr. Rieder was asked to give his opinion on how the market could react to the US Federal Reserve’s aggressive monetary policy. A few days ago, the Fed raised its lending rate by 75 basis points (bps), its highest since 1994.

Rieder explained: “I think people underestimate. When you leave rates at such low levels for such an extensive period of time … when you keep policy too easy, the leverage builds in the system slash ‘how do I capture return quickly’ — and you are seeing a lot of the leverage that was built up around crypto come unglued pretty darn quickly.”

The Blackrock CIO further emphasized:

“I still think Bitcoin and crypto are durable assets. It’s a durable business, but there was so much excess built around it.”

Current Crash Only a Recalibration: Blackrock CIO

On the question of the potential crypto reaction to the US Fed’s aggressive stance, Rieder added: “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 explained: “Markets go down five times faster than they go up … That’s why you’re seeing this incredible unwind.”

While asserting that Bitcoin and cryptocurrency are “durable assets” that play a role in the future of finance, Rieder explained:

“I think there’s a healthy recalibration going on. It’s a question of how much that recalibration is going to go.”

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

Your email address will not be published. Required fields are marked *