BlackRock’s Changing Attitude Toward Bitcoin
BlackRock has made waves in the financial world with its recent decision to form a working group focused on Bitcoin (BTC) investments. This marks a significant turn from its previous skepticism about cryptocurrency. Once a scornful onlooker, BlackRock is now assessing its options in this digital gold mine.
Following the Footsteps of Goldman Sachs
In a move that echoes the recent trajectory taken by Goldman Sachs, BlackRock’s working group will evaluate potential investments in Bitcoin futures. According to sources familiar with BlackRock’s internal discussions, the company is closely watching its competition, especially after Goldman Sachs took a notable U-turn on their critical stance towards cryptocurrencies.
Institutional Money’s Cautious Approach
Despite the positive shifts, institutional investors are still treading carefully. Both BlackRock and Goldman Sachs have acknowledged the budding interest in cryptocurrencies spurred by rising customer demand. As financial giants slowly warm up to the digital currency scene, the overarching narrative of waiting for the perfect moment to dive into the crypto pool lingers on.
Quote of a Convert?
As Lloyd Blankfein of Goldman Sachs quipped, “Bitcoin is not for me,” before rapidly pivoting to investigate crypto-based products. Talk about a fast-paced change of heart!
Market Impact and Future Predictions
As news broke of BlackRock’s intentions, Bitcoin experienced a noticeable boost, jumping 4% in mere hours. At the time of reporting, it was trading at approximately $6,605. CNBC’s trading advisor, Ran Neuner, suggested that the anticipated influx of institutional investment could set the stage for a price rally that would make 2017’s peaks seem like mere child’s play.
The Awaited Breakthrough
With BlackRock managing nearly $6.3 trillion in assets as of late 2017, their entry into Bitcoin could catalyze a significant shift in the crypto ecosystem. As they plan their next moves, the question remains: will they dip their toes or plunge headfirst into the water?
