BlackRock (NYSE: BLK) global fixed income CIO Rick Rieder unveiled a bold price prediction for Bitcoin (BTC) even as the world's largest cryptocurrency is currently trading nearly 50% lower t
BlackRock (NYSE: BLK) global fixed income CIO Rick Rieder unveiled a bold price prediction for Bitcoin (BTC) even as the world's largest cryptocurrency is currently trading nearly 50% lower than its record high price.
Rieder appeared in a Bloomberg interview on June 15 and said Bitcoin is ultimately going considerably higher.
There are some technical factors causing Bitcoin to trade sideways in the near term, but ultimately it is headed higher, he predicted.
Related: Popular crypto firm reportedly makes big return to Bitcoin
BlackRock is the issuer of the largest U.S. spot exchange-traded fund (ETF) tied to Bitcoin.
Launched in January 2024, the iShares Bitcoin Trust (Nasdaq: IBIT) fund holds more than $51 billion in net assets as of June 15 as per SoSoValue.
But it has been a harsh month for the fund, which has seen multi-million net outflows on most days.
IBIT, Source: SoSoValue On June 16, BlackRock also launched the iShares Bitcoin Premium Income ETF (Nasdaq: BITA). The fund holds BTC and IBIT and generates monthly income by selling call options on up to 35% of those IBIT holdings.
Rieder disclosed that BlackRock is maintaining a "moderate" exposure to Bitcoin because the asset is facing stiff competition from tech stocks and yield-focused products.
As reported earlier, Bitwise advisor Jeffrey Park had also remarked that Bitcoin is facing a fresh selloff due to upcoming initial public offerings (IPOs) by tech giants like SpaceX and Anthropic. While SpaceX already made its blockbuster debut on June 12, Anthropic's date is still under the wraps.
BTC/USD, Source: DecibelBitcoin was exchanging hands at $65,575 at the time of writing, as per Decibel.
