BlackRock has added the iShares Bitcoin Trust (IBIT), the fund issued by the asset manager that holds bitcoin (BTC), to one of its model portfolios.
These models suggest portfolios and rebalances which are then followed by advisors and platforms who can also request adjustments to the models based on their investment needs.
BlackRock added a 1% to 2% allocation to IBIT in its target allocation portfolio that allows for alternative assets, according to James Seyffart, ETF analyst at Bloomberg Intelligence.
In a report from Thursday, Michael Gates, lead portfolio manager for BlackRock’s Target Allocation ETF models, wrote that there are “several substantive arguments that support bitcoin’s long-term investment merit.”
According to Gates, this includes the crypto asset’s novel store of value and global monetary alternative, as well as hedge to the U.S. dollar hegemony and political instability, and proxy play on the “offline”…
