Hi there this is lucky ali and welcome back to another Inleo blog. So talking about BlackRock then it is preparing to launch an ETP of bitcoin and the country is Europe, capitalizing on institutional demand after a United States bitcoin ETF amassed more than $60 billion in assets. And if you see this number then it is big and that's the reason BlackRock took inspiration from it to try new things in this field.
BlackRock eyes Bitcoin ETP in Europe amid institutional crypto boom
As we all know the world’s largest asset management firm is Blackrock and it is reportedly preparing to launch a spot bitcoin exchange-traded product which short form is ETP and it will be launched in Europe. By this move, it is expanding its virtual asset offerings outside of America.
The fund may be headquartered in Switzerland, according to a Bloomberg report citing individuals familiar with the matter. One popular source suggested BlackRock company could begin promoting this investment vehicle as early as this February month. The development comes after the significant success of its United States-listed BTC ETF, which has amassed nearly USD 60 billion in assets.
The Blackrock company has solidified and created its position as a major player in the exchange-traded fund industry and that the reason BlackRock is leading, overseeing more than $4.4 trillion in USD of ETF-related assets. While crypto-linked Exchange-traded products have existed in the Europe area for several years, this is BlackRock company’s first foray into the regional digital asset or cryptocurrency investment market. That is why this move is important for everyone else in the crypto segment.
Bitcoin’s role as a hedge against currency devaluation
Larry Fink who has the hand behind BlackRock and CEO of the company has highlighted the fund manager’s growing focus on cryptocurrencies, recently advocating for bitcoin crypto’s role as a hedge against currency devaluation at the World Economic Forum.
Speaking on a panel at the event, larry fink said wider institutional adoption could push BTC’s price to around $700k and this is gonna be a historic move in the whole of bitcoin history. He recalled a discussion he had with a sovereign wealth fund that was considering allocating 2% to 5% to Bitcoin cryptocurrency. “There was a conversation, should we allocate 2%? or more than that Should we allocate 5%? If everybody adopted that conversation then this is gonna be a big stone, it would be $500k, $600k, $700k for bitcoin,” Larry said.
Moreover he said,
If you fear the devaluation of your currency, or are fearful of the economic or political stability of your country, you may have an internationally based instrument called Bitcoin that can overcome those local fears.
Since the re-election of United States President Trump, the value of Bitcoin and other major cryptocurrencies has soared, reaching an all-time high in January bitcoin and also the other major coins can follow in bitcoin footsteps this year. So that is what is important for you to know please share this information on Web 2 social media so that it can spread awareness regarding developments in the crypto space. If you have something to say then use the comment box below of Web 3.0 hive. Thanks for being here and I will meet you in my next blog.
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 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested in learning new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |