The world’s largest and most popular asset manager BlackRock recently set up a working group all in order to investigate ways it can take advantage of the growing cryptocurrency market.
The $6.3 trillion worth investment powerhouse has set up a team from different parts of the business in order to investigate cryptocurrencies and their infrastructure. Blockchain is here obviously linked with the matter, and the working group includes strategists like Terry Simpson who will examine whether it is a good decision for BlackRock to invest in Bitcoin futures and similar assets.
According to sources close to BlackRock, the investment powerhouse is actively seeking opportunities with this new working group. The company had been apparently “looking at blockchain technology for several years” but declined to comment on cryptocurrencies specifically.
What’s most interesting is the fact that last year, the CEO of BlackRock Larry Fink, said that Bitcoin was merely “speculative” and that its popularity comes from its anonymity. As he said then, “Bitcoin is an instrument that people use for money laundering”.
A year and so later, the CEO is now apparently embracing Bitcoin and the underlying technology (blockchain). According to analysts, this is mostly because more and more direct competitors in various industries are interested in getting into the asset class.
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