BlackRock Executive Believes Bitcoin Price Could Rise ‘Significantly’

On Thursday Rick Rieder, CIO of BlackRock, said on CNBC’s Squawk Box that he owns Bitcoin and that he believes its price could go up “significantly” in the future.

An executive at the world’s largest asset manager, boasting $9.49 trillion in assets under management, Rieder expanded on his thoughts about Bitcoin, describing it as an alternative currency whose future price movement is likely to be dictated by increased adoption.

“Part of why I own a small piece of Bitcoin is I do think there are more people who are going to enter that fray over time,” he said. “I like assets that are volatile that have upside convexity. I could see Bitcoin, like it has done, go up significantly.”