Just-In: Blackrock Managing Director Says Bitcoin is Durable

Rick Reider, the managing director of the world’s largest asset manager Blackrock in a recent interview with CNBC said that Bitcoin has proven its durability and has shown that it would be a part of the Financial for many years to come. The managing director also believes that the top cryptocurrency is yet to reach its maturity.

“Bitcoin is an interesting asset. It has not reached maturity yet.”

"Bitcoin is an interesting asset. It is one that has not reached maturity yet," BlackRock's @RickRieder #btc #bitcoin. "I think it's durable. I think it will be part of the investment arena for years to come … but these challenges are real. They will be overcome over time." pic.twitter.com/EentcYawQN

— Squawk Box (@SquawkCNBC) May 13, 2021

The acknowledgment from the world’s largest asset manager reinforces the growing confidence of wall street giants in the top cryptocurrency. Recently, the firm in its quarterly monetary report mentioned that it had bought a few millions worth of Bitcoin futures in January this year.

BlackRock is also among the former critics turned a Bitcoin admirer as the CEO of the firm had called BTC a money-laundering tool for scammers a few years ago.

Wall Street Continue to Advocate For Bitcoin Despite Growing Fud

Bitcoin price dipped to sub-$50K levels earlier today amid declining dominance and growing exchange inflows, some even blamed Elon Musk’s announcement about discontinuing the Bitcoin payment option for Tesla cars. The Bitcoin energy fud is nothing new and was first debunked in 2018 itself but coming from someone like Musk has given a new fuel. however, Wall Street giants who maintained a safe distance from the crypto ecosystem have realized its potential amid growing demand.

Another wall street giant a century-old investment bank Cowen Inc. today announced it would start offering bitcoin and crypto custody services to wall street hedge funds and asset managers. Wall Street seems to have realized the potential of Bitcoin as an asset class and how it has matured over the years despite many rooting for its failure for long. Bitcoin price is currently trading above $50,000 with an 11% decline over the past 24 hours.