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BlackRock's chief investment officer of global fixed income Rick Rieder has publicly backed Bitcoin's long-term trajectory while simultaneously cutting the firm's allocation to IBIT, BlackRock's own spot Bitcoin ETF.
The move captures a tension that has become increasingly common among institutional allocators: conviction on an asset's direction paired with a near-term preference for something else.
Bullish on Direction, Bearish on Allocation Rieder's argument, as reported, is not that Bitcoin has peaked or that the thesis has broken down. He sees the asset heading higher over time.
What he is doing is repositioning capital toward sectors he considers more attractive at current conditions — specifically technology equities, credit, and emerging market debt.
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