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Rick Rieder, Chief Investment Officer at the world’s largest asset manager BlackRock, is unmoved by Tesla’s recent announcement to suspend Bitcoin payments.
Appearing on CNBC’s Squawk Box on Thursday, Rieder provided a short breakdown of current affairs. According to the CIO, Bitcoin still has some hurdles to overcome as it has “not reached maturity yet.” While he did not directly mention Elon Musk’s claims, he did say that among those hurdles are the public perception of its energy consumption and price volatility. He said that Bitcoin is not “a normal, stable asset” just yet.
Rieder said about Bitcoin:
“I think it’s durable. I think it will be part of the investment arena for years to come, but some of these challenges and the volatility around it — regulatory dynamics, fiat currency concerns relative to crypto […] — are real. They will be overcome over time.”
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BlackRock, with over $8.7 trillion in assets under management dabbled into Bitcoin this January after a double filing with the U.S. Securities and Exchange Commission.
A few months after, in an interview with CNBC’s Squawk Box on April 15, BlackRock Chief Executive Officer Larry Fink said the following about cryptocurrency:
“I’m still fascinated about it, I’m encouraged by how many people are focusing on it, I’m encouraged about the narrative that it may become a great asset class. And I do believe this could become a great asset class.”