The world’s largest asset manager BlackRock, with over $7.3 trillion in assets under management, has started “dabble” in bitcoin, at a time in which the price of the flagship cryptocurrency is above $51,000.

Speaking on CNBC’s Squawk Box, BlackRock CIO Rick Rieder revealed that the asset manager has “started to dabble” in the flagship cryptocurrency, without elaborating on what that meant. During the interview, Rieder claimed he believes crypto has gotten “the imagination of a lot of people” even as its volatility is currently “extraordinary.”

Per his words, more people are investing in cryptoassets as they are looking for stores of values and more assets that could rise in value. While BlackRock has “started to dabble” in bitcoin, Rieder was skeptical when asked about the common suggestion that everyone should allocate 1% of their portfolios into bitcoin.

He said:

I wouldn’t put a number on the percentage allocation one should have, it depends on what the rest of your portfolio looks like.

Rieder added that technology and regulations have evolved to the point a number of people believe cryptocurrencies should be a part of their portfolio, and he believes that is what has been driving the price of bitcoin up.

When asked about what could happen down the road, Rieder noted that diversifying a portfolio to include cryptoassets makes “some sense,” as companies are now holding “a lot of cash” as interest rates no longer work as a hedge. He wouldn’t however, “espouse a certain allocation or target holding.”

It’s worth noting that BlackRock has seemingly granted at least two of its funds the ability to invest in bitcoin futures, according to two updated prospectuses for two of its funds, which included cash-settled bitcoin futures among assets they’re now permitted to buy. The filings were for the BlackRock Strategic Income Opportunities and the BlackRock Global Allocation Fund.

The asset manager’s co-founder, Chairman and CEO Larry Fink has in December of last year revealed during an interview he believes bitcoin has “caught the attention and the imagination of many people.”

Featured image via Pixabay.