Bitcoin Price Could Significantly Spike Says Blackrock Asset Management Exec

In a recent conversation with CNBC’s Squawk Box, Blackrock’s managing director, Rick Rieder said Bitcoin could rise significantly.

Reider specified that he likes certain volatile assets but strongly believes that the king coin is not yet a stand-alone asset, much like gold or equities. Rieder says that Bitcoin, at the moment, is just a “speculative tool” that interested persons may have in their portfolio. This is probably evident in Blackrock’s current “very moderate” position in the Bitcoin market. Regardless, the exec is bullish.

Blackrock had CME Bitcoin Futures worth $6.5 million as of late March. The popular asset manager has also pumped several hundred million dollars into crypto mining companies.

Bitcoin is currently trading at $46,424, according to data from CoinMarketCap. So far, the number one asset has lost nearly 7% in the last 7 days and 0.46% in 24 hours. In comparison, Ether has lost 9.69% in seven days and 2.83% in 24 hours. The market’s two largest digital assets are currently trading in red, just like most of the top 10 assets.

On Tuesday, Bitcoin experienced a flash crash, shedding almost $10,600 from $52,944 to $42,330. On the brighter side, El Salvador now officially recognizes Bitcoin as legal tender, after months of bullishness from President Nayib Bukele.

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