Rick Rieder, principal investment officer at BlackRock Financial Management, is pushing back against Telsa CEO Elon Musk's decision to drop Bitcoin every bit a form of payment.

In an interview with CNBC'south Squawk Box on Thursday, Rieder said Bitcoin (BTC) had "non reached maturity yet" and still had some hurdles to overcome, similar the public perception of its free energy consumption and price volatility. Though he didn't specifically mention Musk's claims that the crypto asset comes "at a great cost to the environs," he said BTC wasn't "a normal, stable asset" just yet.

"I remember it's durable," said Rieder, referring to Bitcoin. "I think it will be part of the investment arena for years to come, but some of these challenges and the volatility effectually information technology — regulatory dynamics, fiat currency concerns relative to crypto [...] — are existent. They will be overcome over time."

Rieder said in Feb that Blackrock had "started to dabble a fleck" in crypto, acknowledging that investors may sometimes want to hold digital avails instead of fiat. His comments came post-obit the multitrillion-dollar asset manager mentioning Bitcoin in two prospectus filings with the United States Securities and Exchange Commission. The filings suggest the possibility of BlackRock using Bitcoin derivatives and other assets as part of its investment scheme.

Post-obit Musk'southward remarks on the environmental affect of Bitcoin, the price of the crypto asset fell to under $50,000 for the first time in weeks. At the time of publication, BTC's price is $l,590, having dropped 11% in the last 24 hours.