Tag - BlackRock

Blackrock predicts great future for Bitcoin

BlackRock signals growing interested in cryptocurrencies. It was announced that bitcoin derivatives on commodity exchanges would become eligible investments for BlackRock Funds V and the Blackrock Global Allocation Fund.

The move is in line with increasingly positive bitcoin rhetoric coming from BlackRock. CEO Larry Fink talked about the possibility of Bitcoin going global.

He added that a digital currency makes the U.S. dollar less relevant.

According to Rieder, deteriorating macroeconomic conditions with negative interest rates, extreme monetary policy, and skyrocketing government debt have led institutions to look at cryptocurrencies for diversification.

The past few weeks have seen a flood of high-profile institutional investors, including Tesla and BNY Mellon. Not to mention the likes of JPMorgan have indicated interest.

This momentum from institutional buyers will only encourage more companies to do the same and buy Bitcoin in uncertain times.