Larry Fink, the CEO of BlackRock has almost $10 trillion in assets under management. So, when Fink speaks, the market listens.

His opinion on Bitcoin over the past few years has been taken quite seriously by institutional investors, who have, for the most part stayed away from Bitcoin and other digital currencies.

Fink famously called Bitcoin “an index of money laundering.” Because of this one statement alone, few mainstream banks and institutions dared to accumulate Bitcoin.

But times they are a changing.

Could Fink, the world’s largest asset manager, now be warming up to Bitcoin?

Last Thursday, Fink said in a letter to shareholders, “BlackRock is studying digital currencies, stablecoins and the underlying technologies to understand how they can help us serve our clients.”

Clearly, this is a complete 180 from his “money laundering” claims.

While BlackRock had already begun trading Bitcoin futures last year, this shareholder letter could mean BlackRock is preparing to become a bigger player in the crypto space.

A 5% allocation by BlackRock into Bitcoin would amount to half-a-trillion-dollars in Bitcoin holdings. The current market-cap of Bitcoin is $900 billion.

But, should BlackRock begin allocating, it would likely do so at a stepped pace, rather than a massive bulk buying action which could easily drive the price of Bitcoin to new all-time highs in just days.

Read On…

Source: https://fortune.com/2022/03/24/blackrock-cryptocurrency-larry-fink-letter-shareholders-ceo/