Six months after its chief executive lambasted bitcoin as an “index of money laundering,” BlackRock — the world’s largest exchange-traded fund (ETF) provider — has set up a working group to explore how to profit from the burgeoning cryptocurrency ecosystem.
The Financial News reports that the $6.3 trillion asset manager has begun discussing whether to invest in bitcoin futures and is also exploring other ways to gain exposure to cryptocurrencies and blockchain technology.
The task force will also examine how its competitors are investing in the cryptocurrency industry and whether those ventures present a threat to BlackRock’s market share.
As CCN reported, a number of ETF providers have sought — thus far unsuccessfully — to create and list the first bitcoin ETF on a regulated stock exchange. Other asset managers, including investment banking giant Goldman Sachs, are setting up bitcoin trading desks to provide clients with access to the nascent asset class.
A BlackRock spokesperson was quoted in the report as stating that the firm has been “looking at blockchain technology for several years.”
Soon after the news broke, bitcoin's price rose sharply from $6,360 to $6,646 in just two hours – a gain of over $280.
Will this event will embark the beginning of a new crypto bull run?
Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://finance.yahoo.com/news/blackrock-world-largest-asset-manager-134043460.html
Congratulations @cool4y! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :
Click on the badge to view your Board of Honor.
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
SteemitBoard World Cup Contest - The results, the winners and the prizes