$ 8.7 trillion asset manager BlackRock explores bitcoin as institutions flood crypto

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Rick Rieder, Chief Investment Officer of BlackRock, told CNBC on Wednesday that the investment giant had “started to take an interest” in bitcoin – this is the latest example of a major financial player taking an interest in digital assets.

Main facts

  • Rick Rieder did not give details on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that he wanted to include cash-settled Bitcoin futures contracts as eligible investments for two of his funds.
  • BlackRock is the world’s largest asset manager, managing some $ 8.7 trillion at the end of the fourth quarter.
  • Rick Rieder told CNBC he believes the recent recovery in bitcoin is gaining momentum in part thanks to tighter regulation and better technology.
  • “I have a feeling that the technology has evolved and the regulations have evolved to the point that a number of people feel it should be part of the portfolio, so that’s what drives the prices up,” a- he declared.

Important figure

$ 51,000. This is the new record price bitcoin hit early Wednesday morning. The most popular cryptocurrency started the year with prices around $ 30,000.

The context

A series of large companies and financial institutions, including MicroStrategy, BNY Mellon, MasterCard and PayPal, announced cryptocurrency initiatives this month. There are reports that a $ 150 billion investment division at Morgan Stanley is considering investing in bitcoin. Part of bitcoin’s recent gains is likely attributable to Tesla’s surprise announcement that the electric car maker has invested $ 1.5 billion in cryptocurrency and plans to start accepting it as a form of payment.

Article translated from Forbes US – Author: Sarah Hansen

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