Cryptocurrency markets got a big boost after BlackRock, the management firm with over $6.2 Trillion U.S. in assets under its control, could soon get involved in the trading of Bitcoin futures, earlier reports indicated. CNBC reports that they would be creating a cryptocurrency working group to explore how cryptocurrency and blockchain technology works. The aforementioned crypto team is reported to be comprised of a variety of individuals from BlackRock’s expansive employee pool, as it currently the employer of over 13,000 individuals, Financial News London reports, but further clarification from Larry Fink, the CEO of BlackRock has revealed that its clients have not indicated a “huge demand for cryptocurrencies,” their interest is more of involvement with Bitcoin and blockchain technology rather than just trading through Bitcoin futures.
The CEO noted that they have been interested in blockchain technologies, but no so much with cryptocurrencies.
This news has sent prices of cryptocurrencies up, and giving us the most organic growth in Bitcoin price in weeks, rather than just “bart simpson” patterns, like what has been happening in the past month or so.
Bitcoin has been up at around 5-6% as of this writing.