• American investment firm, BlackRock has added Bitcoin (BTC) to its $15 trillion Global Allocation Fund.
• BlackRock is the world’s biggest investment firm with over $10 trillion in assets under management (AUM) as of January 2022.
• The move is considered as a very bullish move for the crypto industry as it could scoop up all BTC on exchanges with just 0.32% of the assets it has under management.
American investment firm, BlackRock has taken a huge step towards solidifying its growing interests in the nascent asset class and sector of cryptocurrency by adding Bitcoin (BTC) to its $15 trillion Global Allocation Fund. This is a significant milestone for the crypto industry, as the American multinational investment management company is the world’s biggest investment firm with over $10 trillion in assets under management (AUM) as of January 2022.
The move is considered as a very bullish move for the crypto industry, as it could potentially scoop up all BTC on exchanges with just 0.32% of the assets it has under management. This would be a massive inflow of capital into the crypto markets, and would likely result in a significant price increase.
BlackRock’s decision to add Bitcoin to its Global Allocation Fund comes after the firm partnered with publicly traded exchange Coinbase Global Inc back in August last year to offer institutional investors a direct avenue to invest in Bitcoin. This partnership has certainly helped pave the way for this move, as it has given BlackRock a better understanding of the crypto markets and the technology behind them.
The addition of Bitcoin to the Global Allocation Fund has also been welcomed by many in the crypto community, as it is seen as a sign of further mainstream acceptance of cryptocurrencies. It is also a great sign for the future of the crypto industry, as more institutional investors are likely to be enticed by the potential of Bitcoin and other digital assets.
With BlackRock joining the ranks of institutional investors who are bullish on Bitcoin, it is likely that we will see more of the world’s largest investment firms take similar steps in the near future. This could potentially result in a huge influx of capital into the crypto markets, further driving the industry’s growth.