Big news that is shaking up the crypto market: Blackrock is launching a private trust focused on Bitcoin. The giant American hedge fund will thus allow its investors to buy bitcoin for cash, via Coinbase prime.
Bitcoin (BTC) and Blackrock: one more step closer
Only five days after signing its partnership with Coinbase, Blackrock is already making headlines. Indeed, this fund manager today launched a new product for its clients. This product, a private trust, will allow its institutional investors based in America to invest directly in bitcoin.
« Despite the sharp decline in the crypto market, we are still seeing substantial interest from some institutional clients in how to access these assets efficiently, and at a lower cost, using our technology and product capabilities “, BlackRock said in a statement. Whereas a year before, Blackrock CEO Larry Fink said he saw very few requests for bitcoin. Good news for Bitcoin, which is gaining notoriety among fund managers.
Bitcoin (BTC): towards mass adoption?
The big step that Blackrock has taken will certainly impact the adoption rate of bitcoin. Simply because the institutional clients of this fund manager are going to enter the crypto market. Very beneficial for bitcoin, which will probably start a bull run. Thus, the adoption rate of bitcoin will increase after that.
According to a tweet from bitcoinarchive: ” it was Blackrock that put pressure on Elon Musk on energy consumption when Tesla bought 1.5 billion Bitcoin. Now Blackrock dives head first ». Subsequently, he believes that this is a way of telling the whole world about the legitimacy of Bitcoin.
Who knows, maybe the rich Blackrock customers are convinced of the huge potential of Bitcoin. This has increased the demand for digital assets within this hedge fund. In any case, the king of cryptos has not finished impressing us.
Source : The block
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