The latest news comes from BlackRock, a global asset management company that manages funds of 6.3 trillion US Dollars. The company is reportedly considering to offer Bitcoin's investment services to its clients. This news brings fresh air to Bitcoin users, as BlackRock is one of the largest global asset management companies in the world.
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BlackRock Has Great Potential To Join The Bitcoin Market
Reported by Financial News, BlackRock Inc. has established a working committee to conduct a feasibility study of the Bitcoin market and Blockchain technology. The work committee consists of experts in the financial sector, such as Terry Simpson who is a multi-asset strategy strategist and an important figure in the world of investment management.
The main purpose of this committee is to know the potential of Bitcoin investment, and to track the steps of the BlackRock competitors who first joined the crypto currency revolution. The committee is also responsible for reporting their findings to the central management to decide on any further action to take.
As reported by CNBC, a company spokeswoman also revealed that BlackRock has been observing the technology of distributed ledgers (DLT) for some time now. However, he refused to make any specific comments about the company's ambitions on the technology.
Strong enough To Provide Bullish Momentum
This news is a wonderful surprise for Bitcoin fans, given the fact that BlackRock CEO Larry Fink is one of the most vocal critics of Bitcoin. Looking back to 2017, Fink is one of the figures who think that Bitcoin is just a speculative tool. He denounced this largest crypto currency as "a tool used to commit money laundering".
Fink also stated at the time that Bitcoin and the Altcoins ecosystem had nothing to offer to institutional investors, and concluded that BlackRock's clients were not interested in Bitcoin. On July 16, 2018, Fink changed his views on Bitcoin, as 'heavyweight' institutions such as Chicago Board Options Exchange (CBOE), Chicago Mercantile Exchange (CME), Goldman Sachs, and others have begun offering Bitcoin-related investment services to clients.
Additionally, in June 2018, reports emerged that VanEck, a US-based asset management company with $ 46 billion of assets under its management, has been working with SolidX. Collaboration is realized to propose ETF Bitcoin-backed Securities and Exchange Commission (SEC).
In the midst of the sharp decline of Bitcoin from its peak position at 20,000 US Dollars, it seems that BlackRock's role will be significant enough to bring Bitcoin's price back on the bullish track, as all crypto currencies have reacted positively to the development of news i