BTC up $150 as $6TRILLION 'world's biggest' asset manager moves closer
BITCOIN enjoyed a steady recovery this weekend but not enough to make up for Tuesday's massive losses. Crypto prices could see a boost from news that BlackRock, the worlds biggest asset management firm, has changed its tune on bitcoin and is now looking at ways it can take advantage of the growing market.
Bitcoin is priced at $6,370 this morning with ethereum rising to $452 and ripple up at $0.44.
It has been revealed that the world's biggest asset management firm is looking at ways to enter the crypto space, potentially with a move into bitcoin futures
Financial News report that BlackRock has set up a working group to investigate what its competitors are doing with cryptocurrencies, and how they will shape the investment landscape over the years ahead.
The move towards crypto marks yet another U-turn from a powerful investment juggernaut after Larry Fink, the chief executive, said last year that bitcoin was merely “speculative” and that the only reason it thrived was due to its anonymity.
He said: "It is an instrument people use for money laundering.”
“The reason why it does so well is it is anonymous. It’s anonymous, and it’s cross-border.
“If you legitimise it, you know who your counterparties are. The question is how many people will use it if you have to acknowledge you are a buyer or a seller.”
Mr Fink, who oversees $6 trillion of assets said that bitcoin “is tiny in the scheme of financial markets,” adding that, “there’s too much focus on bitcoin.
"I don’t know why it has so much fascination for the press.”
A spokesman from BlackRock told the Express.co.uk: “Like most financial institutions, BlackRock has a working group that meets periodically to exchange information on blockchain and consists of employees from various parts of the business.
"We have been looking at blockchain technology for several years, recognising potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.”
Mr Fink is not the first major player in the money markets to seemingly change his tune on crypto.
Jamie Dimon, the chief executive of JPMorgan Chase & Co described the technology as "a terrible store of value” in 2014 before moving senior staffer Oliver Harris into the role titled Head of Crypto-Assets Strategy in May this year.
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