Big news shaking up the crypto market: Blackrock is launching a Bitcoin-focused private trust. The giant American hedge fund will thus allow its investors to buy bitcoin in cash, via Coinbase prime.
Bitcoin (BTC) and Blackrock: one more step
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 American-based institutional investors 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 efficiently, and cost-effectively, access these assets using our technology and product capabilities. “, BlackRock said in a statement. Whereas a year ago, 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 bitcoin adoption rate. Simply because institutional clients of this fund manager will enter the crypto market. Very beneficial for bitcoin, which will probably start a bull run. So, bitcoin adoption rate will increase after that.
According to a tweet from bitcoinarchive: “ it was Blackrock that pressured Elon Musk on energy consumption when Tesla bought 1.5 billion Bitcoin. Now Blackrock dives head first “. Subsequently, he thinks it is a way to tell the world the legitimacy of Bitcoin.
Who knows, maybe Blackrock’s wealthy clients are convinced of Bitcoin’s enormous potential. 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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