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© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY
In the latest instalment of our ‘Portfolio of the future’ series, we outline why we believe adding private market allocations alongside public markets could unlock new opportunities in portfolios.
A higher performance bar, coupled with higher uncertainty around equity and bond correlations, has meant that traditional portfolio allocations, such as the 60/40 stocks and bonds portfolio, have come under pressure since 2020. We believe that building the ‘Portfolio of the Future’ requires an evolution in asset allocation – looking beyond public markets to benefit from new sources of return, income and diversification, often available in private markets.
A ‘whole portfolio’ implementation approach – focused on the end outcome and blurring the lines between public and private markets through innovative, scalable, flexible and regulated investment structures, such as the European Long-Term Investment Fund (ELTIF) – is crucial for long-term success and wealth creation.
This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Important Information
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V., authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
For investors in Bahrain
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Kuwait
The information contained in this document is intended strictly for sophisticated institutions that are ‘Professional Clients’ as defined under the Kuwait Capital Markets Law and its Executive Bylaws.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Oman
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Qatar
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in South Africa
Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.
For investors in Switzerland
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA').
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
Portfolio construction has evolved profoundly since 2020. Are you keeping pace? Created by BlackRock’s expert portfolio consultants, our Portfolio of the Future series gives you insights into how to build future-proofed portfolios.
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Dive into the "Portfolio of the Future" and discover how integrating private markets opportunities can revolutionize your strategy. This essential guide unveils innovative approaches that have the potential to enhance returns, diversify risk, and provide resilience in today's volatile market. Explore transformative product innovations, such as the European Long-Term Investment Fund (ELTIF) 2.0, which offers scalable and regulated structures. Don't miss out on this opportunity to leverage both public and private markets and capture structural trends for optimal outcomes. Read the full paper now and stay ahead in the ever-evolving landscape.
Markets are changing fast, and investors need to keep up. Allocating across public and private markets can create a more balanced and future-ready portfolio, helping to potentially enhance portfolio returns, manage risk and capture structural opportunities. This video unpacks what's driving the shift - and how to get ahead of the curve.
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FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY
In the latest instalment of our ‘Portfolio of the future’ series, we outline why we believe adding private market allocations alongside public markets could unlock new opportunities in portfolios.
A higher performance bar, coupled with higher uncertainty around equity and bond correlations, has meant that traditional portfolio allocations, such as the 60/40 stocks and bonds portfolio, have come under pressure since 2020. We believe that building the ‘Portfolio of the Future’ requires an evolution in asset allocation – looking beyond public markets to benefit from new sources of return, income and diversification, often available in private markets.
A ‘whole portfolio’ implementation approach – focused on the end outcome and blurring the lines between public and private markets through innovative, scalable, flexible and regulated investment structures, such as the European Long-Term Investment Fund (ELTIF) – is crucial for long-term success and wealth creation.
This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Important Information
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V., authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
For investors in Bahrain
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Kuwait
The information contained in this document is intended strictly for sophisticated institutions that are ‘Professional Clients’ as defined under the Kuwait Capital Markets Law and its Executive Bylaws.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Oman
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Qatar
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in South Africa
Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.
For investors in Switzerland
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA').
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
FOR PROFESSIONAL CLIENTS / QUALIFIED INVESTORS / QUALIFIED CLIENTS / SOPHISTICATED INSTITUTIONS ONLY
In the latest instalment of our ‘Portfolio of the future’ series, we outline why we believe adding private market allocations alongside public markets could unlock new opportunities in portfolios.
A higher performance bar, coupled with higher uncertainty around equity and bond correlations, has meant that traditional portfolio allocations, such as the 60/40 stocks and bonds portfolio, have come under pressure since 2020. We believe that building the ‘Portfolio of the Future’ requires an evolution in asset allocation – looking beyond public markets to benefit from new sources of return, income and diversification, often available in private markets.
A ‘whole portfolio’ implementation approach – focused on the end outcome and blurring the lines between public and private markets through innovative, scalable, flexible and regulated investment structures, such as the European Long-Term Investment Fund (ELTIF) – is crucial for long-term success and wealth creation.
This document is marketing material: Before investing please read the Prospectus and the PRIIPs KID available on www.blackrock.com/it, which contain a summary of investors’ rights.
Risk Warnings
Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested.
Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.
Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time and depend on personal individual circumstances.
Important Information
This material is for distribution to Professional Clients (as defined by the Financial Conduct Authority or MiFID Rules) only and should not be relied upon by any other persons.
This document is marketing material.
In the UK and Non-European Economic Area (EEA) countries: this is issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 02020394. For your protection telephone calls are usually recorded. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock.
In the European Economic Area (EEA): this is issued by BlackRock (Netherlands) B.V., authorised and regulated by the Netherlands Authority for the Financial Markets. Registered office Amstelplein 1, 1096 HA, Amsterdam, Tel: 020 – 549 5200, Tel: 31-20-549-5200. Trade Register No. 17068311 For your protection telephone calls are usually recorded.
In Italy: For information on investor rights and how to raise complaints please go to https://www.blackrock.com/corporate/compliance/investor-right available in Italian.
For investors in Bahrain
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Kuwait
The information contained in this document is intended strictly for sophisticated institutions that are ‘Professional Clients’ as defined under the Kuwait Capital Markets Law and its Executive Bylaws.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Oman
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in Qatar
The information contained in this document is intended strictly for sophisticated institutions.
The information contained in this document, does not constitute and should not be construed as an offer of, invitation or proposal to make an offer for, recommendation to apply for or an opinion or guidance on a financial product, service and/or strategy. Whilst great care has been taken to ensure that the information contained in this document is accurate, no responsibility can be accepted for any errors, mistakes or omissions or for any action taken in reliance thereon. You may only reproduce, circulate and use this document (or any part of it) with the consent of BlackRock.
The information contained in this document is for information purposes only. It is not intended for and should not be distributed to, or relied upon by, members of the public.
The information contained in this document, may contain statements that are not purely historical in nature but are 'forward-looking statements'. These include, amongst other things, projections, forecasts or estimates of income. These forward-looking statements are based upon certain assumptions, some of which are described in other relevant documents or materials. If you do not understand the contents of this document, you should consult an authorised financial adviser.
For investors in South Africa
Please be advised that BlackRock Investment Management (UK) Limited is an authorised Financial Services provider with the South African Financial Services Conduct Authority, FSP No. 43288.
For investors in Switzerland
This document shall be exclusively made available to, and directed at, qualified investors as defined in Article 10 (3) of the CISA of 23 June 2006, as amended, at the exclusion of qualified investors with an opting-out pursuant to Art. 5 (1) of the Swiss Federal Act on Financial Services ('FinSA').
For information on art. 8 / 9 Financial Services Act (FinSA) and on your client segmentation under art. 4 FinSA, please see the following website: www.blackrock.com/finsa.
Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy.
This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer.
© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
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Ursula
Welcome to the latest edition of CIO Pulse, BlackRock’s video series on transformative opportunities for the Chief Investment Office. I’m Ursula Marchioni, Head of Investments and Portfolio Solutions in EMEA, and I’m joined by Samara Cohen, BlackRock’s Chief Investment Officer of ETF and Index Investments.
Let’s get into it.
Samara, we are hearing a lot about the opportunities in cryptocurrencies. Is this a retail trend, or does Bitcoin represent an opportunity for multi-asset pools currently invested in classic asset classes such as Equities and Fixed Income?
Samara
We see bitcoin as a long-term diversifier as well as a potential hedge against some of the tail risks that investors face in their portfolios. In particular, to the extent we see growing fears over geopolitical disorder, debt accumulation, and concerns over U.S. fiscal and political dynamics, that draws people into bitcoin by its nature as a global, scarce, decentralized asset that is not dependent on any one country or political system.
The outlook for bitcoin rests on its potential for future widespread adoption. To the extent institutional investors begin adopting bitcoin more systematically within portfolio allocation, that would represent a catalyst for bitcoin.
Ursula
In your view, how does Bitcoin fit into a traditional multi-asset portfolio?
Samara
For investors with the right governance and risk tolerance that want to invest in bitcoin, we believe it could complement a 60/40 portfolio. A 1-2% allocation end up contributing a similar share of portfolio volatility as allocations to the Mag7 tech stocks do on average today within a typical diversified portfolio1
Ursula
Why up to 2%?
Samara
Beyond 2%, the portfolio risk increases due to Bitcoin’s volatility. Larger allocations could expose investors to sharper selloffs, which may be too risky for some.
As more investors adopt Bitcoin products, we anticipate there to be a shift in investor sentiment, which could help stabilize markets during volatility and encourage institutional investment, boosting confidence and adoption.
Ursula
What are the key angles a sophisticated investors should evaluate when considering adding an allocation to Bitcoin?
Samara
The main consideration is understanding bitcoin’s key characteristics, including volatility and how its risks overlap and diverge with the rest of the portfolio. Generally speaking, we believe Bitcoin’s long-term fundamentals are distinct from those of traditional risk assets, and in some cases, its response to these risk factors may even be the opposite.
Ursula
In the short term, how do macro factors like interest rates impact bitcoin?
Samara
It’s a great question. In general, we view bitcoin’s demand drivers as being distinct from traditional financial assets. However, if there’s one macroeconomic factor where you’d expect to see significant overlap, it would be around real interest rates – changes in U.S. dollar real interest rates do affect Bitcoin, in the same way they affect gold and emerging market currencies.
For example, the plunge in real interest rates in 2020 and 2021 contributed to a >1,300% rise in bitcoin, and then the surge in real interest rates in 2022 contributed to a 67% correction2. Whether rates stay higher for longer or proceed down the path of cutting will likely have some impact on bitcoin’s price over the short term.
Ursula
Thank you, Samara.
We’re now going to move on to our quick-fire questions.
Should we think of Bitcoin as an asset or currency?
Samara
The answer is it displays characteristics of both. Its original design as a peer-to-peer electronic cash system and its ability to be used in payments is currency-like, but its nature as an asset without an issuer that is scarce, decentralized and global makes it commodity-like, which is where you hear people refer to it as 'digital gold'.
Ursula
Is Bitcoin a diversifier or a high growth asset?
Samara
So bitcoin has of course experienced significant volatility over its lifetime but over the course of the last decade its also displayed meaningful returns.3 The drivers of this growth are quite different than those for traditional assets, which should make bitcoin less correlated with major risk assets over the long-term. In other words, it could offer investors a more diversified source of returns as part of a multi-asset portfolio.4
Source:
1 BlackRock Investment Perspectives, Sizing Bitcoin in Portfolios, as at 12.2024
2 Bloomberg, Spot Bitcoin Price, as at 02. 27.25.
3 Bloomberg & BlackRock Calculations, The Bitcoin Bridge as at 12.31.2024.
4 Diversification and asset allocation may not fully protect you from market risk.
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© 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.
Introducing CIO Pulse, a brand-new video series designed to help CIOs stay on top of today’s transformative opportunities. Hosted by Ursula Marchioni, Head of EMEA Investment & Portfolio Solutions, CIO Pulse features thought leaders from across BlackRock offering fresh perspectives on the most significant trends reshaping investing and tech.
As a global investment manager and fiduciary to our clients, our purpose at BlackRock is to help everyone experience financial well-being. Since 1999, we've been a leading provider of financial technology, and our clients turn to us for the solutions they need when planning for their most important goals.
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