NewsNovo
BlackRock's chief investment officer of global fixed income, Rick Rieder, says he expects Bitcoin to appreciate over the long run, but that stated conviction has not stopped him from cutting his position in IBIT — the firm's own spot Bitcoin ETF — and redeploying the proceeds into technology equities, investment-grade and high-yield credit, and emerging-market debt.
The Action Contradicts the Headline This is worth slowing down on.
When a senior figure at the world's largest asset manager tells you he is bullish on an asset while simultaneously reducing his exposure to it, the trade is the news, not the comment.
Rieder did not sell IBIT because he turned bearish on $BTC. He sold it because, in his assessment, tech, credit, and EM debt are offering better near-term returns than a spot Bitcoin wrapper.
Keep reading