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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.”
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