BlackRock launched the Bitcoin ETF (BTC), the biggest asset manager on the planet, in January of this year. BlackRock manages assets worth nearly $10 trillion. BTC’s ETF launched in January led to an impressive market rally. BTC climbed above $73,737 by March. ETFs saw significant inflows during the past six-month period.
LookOnChain is a company that analyzes cryptocurrency. They report BlackRock owns 337.036 BTC worth $21.81 Billion. This company has just added 1000 BTC worth $64.69 Million to its digital currency holdings, showing its continuing bullishness.
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Why does BlackRock believe in Bitcoin?
BlackRock CEO Larry Fink wasn’t always bullish about BTC. Fink has been skeptical about cryptocurrency until a few months ago. Fink stated in an interview with CNBC that “As you know, I was a skeptic, I was a proud skeptic […] I studied it, learned about it, and I came away saying, ‘Okay, my opinion five years ago was wrong.’“
Fink referred to Bitcoin when he spoke with Jim Cramer “digital gold.” He also stated that people should ‘absolutely’ buy BTC for the long term.
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Fink’s new perception of cryptocurrencies is probably due to his increasing awareness. BlackRock’s decision to enter new waters was also prompted by an increase in client demand for BTC related products.
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Bitcoin is likely to reach a new high this year. CoinCodex Data suggests BTC could surpass $80,000 in early August. BTC is predicted to reach $1 million by many analysts, but it could take some time.
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Source: watcher.guru
