FX.co ★ BlackRock to bolster its BTC holdings

Investment firm BlackRock is considering purchasing more Bitcoin in the coming years. Such an intention can be attributed to a sharp rise in BTC to $50,000 and growing investor confidence in virtual assets.

The world's largest asset manager currently holds a small stake in BTC, which is not very positive for the fund’s reputation. However, according to BlackRock Chief Investment Officer Rick Reeder, the company will expand its cryptocurrency investment portfolios in the near future.

As reported by The Wall Street Journal, Reeder manages a wide range of portfolios, including government and pension funds. The chief investment officer also heads the Global Asset Allocation department.

Reeder highlights that the rising popularity of the leading digital currency indicates its upside potential in the long term. In addition, the management of BlackRock has long considered Bitcoin an investment vehicle.

"Time will tell whether it’s going to be a big part of the asset allocation framework," the head of the leading global investment management corporation said. “I think over time, people become more and more comfortable with it,” he added. With growing interest in digital assets, there are more tools that help people get used to owning, buying, and selling cryptocurrencies, Reeder summed up.