Blackrock plans to Explore Bitcoin and Crypto Market

Blackrock plans to Explore Bitcoin and Crypto Market

BlackRock — the world’s largest provider of exchange-traded fund (ETF) — has set up a working group to explore how to profit from the developing cryptocurrency space. It has begun exploring whether to invest in bitcoin futures and is also exploring ways to gain exposure to blockchain technology and cryptocurrencies.

It is reported that the working group will also explore how its competitors are investing in the cryptocurrency industry. It will also examine that whether the competitors pose a threat to BlackRock’s market share.

A large number of ETF providers have sought to create and list the first bitcoin ETF on a regulated stock exchange. Other asset managers, which includes investment banking giant Goldman Sachs, are setting up bitcoin trading desks to provide access to the nascent asset class to the users.

The working group will report directly to senior management, a group that might also include the CEO Larry Fink. Fink had earlier addressed bitcoin as an “index of money laundering” but praised blockchain technology, which he said will “transform how we do our business.”

Cryptocurrency market is highly volatile and hence, investing in the market is very risky. No one can be sure of the increase or decrease in the prices. The volatile nature of prices coupled with influence by entities who invest a huge amount of money makes it even worse to invest in cryptocurrency market. Therefore, Bitcoin investors should be cautious to know that BlackRock is looking at Bitcoin.

BlackRock is known for making successful investments, but that doesn’t mean that investors can be confident about its present idea too. As per the reports, BlackRock is planning to invest a massive sum in Bitcoin and might also spike the cryptos’ price.

BlackRock will draw attention from the banking elite. This is a bold move since banks have been critical of Bitcoin ever since it was launched.

Follow us on Telegram!

Please follow and like us:

Leave a Response

Aayushi Dhawan
Aayushi Dhawan is an avid reader, researcher, crypto writer and a passionate student. While pursuing her graduation in commerce at SRCC, she realized that writing and Finance give her immense pleasure. She is currently pursuing her post graduation in Commerce (Finance) from Department of Commerce, Delhi School of Economics and keeps on exploring the intricacies of research, her biggest strength.