Rieder Believes Bitcoin Will Go Higher Despite Current Volatility

BlackRock's Rick Rieder is a known early supporter of Bitcoin. He now believes it will 'ultimately go considerably higher' but acknowledges some technical issues that are causing short-term volatility.

Rieder made these comments on Bloomberg's ETF IQ, where he also discussed his firm's position in Bitcoin. BlackRock has kept its exposure to the cryptocurrency at a 'pretty moderate level,' according to Rieder, who views the current drawdown as a tactical issue rather than a long-term thesis break.

The fund manager added that they have reduced their investment in IBIT, which tracks the iShares Bitcoin Trust ETF. This decision follows a broader trend of senior crypto voices flagging capital rotation away from Bitcoin into AI and technology.