Asset Manager BlackRock Strongly Enters Bitcoin Ground
Bitcoin continued to impress large institutional investors, as the world's largest asset manager with $ 7.81 trillion under management, BlackRock, you will invest two of your funds in Bitcoin Futures.
BlackRock, on Wednesday, January 20, submitted two statements to the US Securities and Exchange Commission (SEC) indicating that the company can invest in Bitcoin Futures through two of its funds: BlackRock Funds V and BlackRock Global Allocation Fund, Inc.
These regulatory filings from BlackRock do not suggest that you are going to immediately invest in Bitcoin Futures. But the mention of Bitcoin in its filings indicates that the company is trying to overcome regulatory hurdles early if it chooses to invest in the future. The presentations say:
“Certain Funds may participate in bitcoin-based futures contracts. Bitcoin is a digital asset whose ownership and behavior are determined by the participants in an online peer-to-peer network connecting computers running public access or "open source" software that follows the rules and procedures that govern the bitcoin network, commonly known as the bitcoin protocol. The value of bitcoin, like the value of other cryptocurrencies, is not endorsed by any identified government, corporation, or other body. The further development of the bitcoin network, which is part of a new and rapidly changing industry, is subject to a variety of factors that are difficult to assess. The only bitcoin futures that the Funds can invest in are the cash settled bitcoin futures that are traded on CFTC registered commodity exchanges. '
BlackRock did not mention which commodity exchange it will choose to execute these Bitcoin futures purchases. CME is currently the only exchange registered with the Commodity Futures Trading Commission (CFTC) offering similar services.
The news is another great achievement for the largest crypto asset, as it has caught the attention of a trillion-dollar asset management firm that took a negative stance a few years ago. In 2018, in an interview with Bloomberg Television, CEO Larry Fink said that his company was not attracted to crypto assets because its clients had no interest.
But interest in Bitcoin Futures also dates back to 2018 when, as reported, BlackRock also formed a task force aimed at evaluating its participation in the leading cryptocurrency, with a particular focus on Bitcoin Futures.
But the recent rally for Bitcoin and altcoin has impressed even staunch opponents of cryptocurrencies. Even Larry Fink too admitted recently that Bitcoin could become a global asset in the future.
To make a solid entry into this space, BlackRock also recently posted a job posting for a blockchain and cryptocurrency executive, seeking to hire a vice president of blockchain for its New York office.
If you found this article interesting, you can find more Bitcoin news here