More

    BlackRock Asset Management Firm is Studying Bitcoin & Crypto Space For First Time

    World's Biggest BlackRock Looking At Bitcoin

    From previous comments several months ago that were unusual from legacy investment at the time, the world’s largest asset manager has spoken again. A July 16, 2018 Financial News London report notes that the company is considering bitcoin trading in new ways. The New York asset management company is the largest such in the world, managing assets of some $6.3 trillion.

    BlackRock has a focus group looking at ways in which the company can “take advantage” of digital currencies. The group is also looking at blockchain technology application and what its peers and rivals are doing about digital assets. While many immediately took to social media hailing the news as indicative of the bull’s return, markets too responded, with BTC gaining $280.

    The digital asset rose from a morning price of $6,360 to $6,646 within two short hours. A more moderate stance sees the company’s interest as merely coincidental, and the product of months of planning.

    BlackRock Bitcoin ETF Interest

    The multi-disciplinary team are rumored to spawn or at least suggest a bitcoin exchange traded fund (ETF). BlackRock CEO, Larry Fink, has previously spoken enthusiastically about virtual currencies. Although in October 2017 he warned that bitcoin was “an index for money laundering,” he also said that he remained a “big believer” in bitcoin.

    The firm has confirmed its interest without much fanfare, but many suspect a serious entry by the sector giant. The company said in February 2018 that it saw blockchain’s potential, no matter certain application issues, and that it saw digital currencies becoming more mainstream in future.

    Strategist Richard Turnhill also wrote in a company report at the time that he felt cryptocurrencies would become far more widely employed and entrenched in the future as markets matured. He qualified that statement by saying that he nonetheless felt at the time that people

    “believe [digital assets] should only be considered by those who can stomach potentially complete losses.”

    “Similarly,” Turnhill wrote, “blockchain needs to overcome significant hurdles to reach its promising future.”

    BlackRock Big Enough To Awake Bitcoin

    Alongside Thomas Lee, FundStrat’s head of research, BlackRock now join’s JP Morgan and other giant fintech players in their pursuit of blockchain efficiencies and crypto investments. Bank of America too, has many blockchain patents and global consortia are engaging with one another, rolling out decentralized payment and other pilots. It has been less than a year since JP Morgan’s CEO, Jamie Dimon, called Bitcoin a “fraud,” and sentiment has turned. Dimon did subsequently retract his statement however, apologizing for his earlier comment.

    Although still extremely derisive of digital assets, legacy money handlers are rushing to investigate blockchain technology. At a slower pace and with lesser noise, the more-stable digital currencies are also a fascinating unknown that refuses to go away.

    Were BlackRock to “sanction” bitcoin and others by actively participating in its trading, the move contains the potential to bring on the long-awaited bull market. Bitcoin is currently trading at $6.640.00.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Avatar
    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,353FansLike
    2,773FollowersFollow
    4,130FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Crypto Community Sentiment Still Bullish Despite BTC Trading 40% Lower Than Yearly High

    Bitcoin proponents had a lot of expectations from 2020, given the impending Block Reward Halving and the expected bull run. The year started as...

    Modern Monetary Theory (MMT) vs BTC to be the Main Event of 2020

    The biggest global emergency of the century, COVID-19 pandemic has the Treasury officials trying to decide on how much they can spend to fight...

    This Crisis Is A ‘Perfect Storm' For Bitcoin But We Could Be In For A ‘Prolonged Bear Market'

    Bitcoin is back in the green, recording the gains of 3.14% in the past 24 hours while volume on the top ten exchanges with...

    Banking Giant Santander to Bring One Pay FX Payment System to Mexico Utilizing RippleNet

    In 2020, the major Spain-based bank Santander is planning to roll out the One Pay FX program, its Ripple powered system for international payments,...

    Bitcoin Bull Market Won’t be Happening Immediately After the Halving: Bitmain CEO

    Bitcoin is currently trading above $6,300, still down over 14% on a year-to-date basis but up more than 60% from the 2020 low of...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.