A working group for BlackRock, Inc. is reportedly taking steps to better understand how they, as the world’s leading asset manager, could legally partake in the cryptocurrency ecosystem.
The alleged move by BlackRock – whose chief executive officer (CEO) has previously downplayed Bitcoin (BTC) – to begin exploring the emerging crypto market follows that of other established financial giants such as Goldman Sachs, JPMorgan, and Fidelity Investments.
As broken by Financial News on Monday, this recently-assembled working group is tasked with investigating how BlackRock “can take advantage of the fast-growing cryptocurrency market.” One of their anonymous sources claimed that the prospect of investing in BTF futures, in particular, will be assessed.
The working group reportedly put together by the BlackRock asset management giant is said to include chartered financial analyst Terry Simpson (Multi-Asset Strategist, BlackRock Investment Institute).
BlackRock has been but one of a host of traditional financial institutions that have been losing top-end talent to the booming digital asset investment space. In March, for instance, Vishal Karir – a budding BlackRock portfolio manager who had $1.5 billion AUM – joined Ethos (ETHOS) to serve as the cryptocurrency platform’s chief investment officer (CIO).
A number of influential members of the crypto and blockchain space tweeted their approval of Monday’s news relating to the BlackRock investment management juggernaut.
Anthony ‘Pomp’ Pompliano (Founder & Partner, Morgan Creek Digital Assets) suggested that the outcome of the strategic crypto-related move from Blackrock represents a blessing for the downtrodden value of BTC, stating: “Easy answer: Buy Bitcoin.”
Providing comment, also, was Carter Thomas (Founder, Coin Mastery), who informed his followers that “BlackRock is the world’s largest ETF (exchange-traded fund) provider;” a reminder of what may ensue, should the U.S. Securities Exchange Commission (SEC) approve VanEck and SolidX’s co-filed Bitcoin ETF application.
Host of CNBC Africa’s Crypto Trader, Ran Neu-Ner (Founder, Onchain Capital), also made reference to the possibilities of what a BlackRock entrance into the crypto ecosystem could mean for the future of Bitcoin ETFs – which the SEC has never before approved – stating:
When the world’s biggest ETF company is looking at Crypto and the SEC has no real reason to block the next ETF, it could get a little exciting.”
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