The Biggest Investment Management Firm is Enthusiastic about Bitcoin

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BlackRock is the largest investment management company in the world, garnering an AUM of $8.676 trillion at present. The CEO of the famed financial firm, Larry Fink, recently made an appearance on the CNBC interview podcast ‘Squawk on the Street.’ He told journalists that he had been captivated and fascinated by Bitcoin. Fink further added that his interest in the flagship crypto had been warranted by the massive number of people who have been showing an interest in it.

In his opinion, Bitcoin has the potential to become the top-rated and high-return asset class in the future. However, Fink confutes the idea that Bitcoin and digital assets would be able to replace the government-issued centralized paper money. Last year, Fink remarked that Bitcoin would eventually go through a massive growth spurt and transform into a threat for the federal authorities.

BlackRock CIO Believes Bitcoin to be better Hedge than Gold

It is important to note that BlackRock started to gain exposure in Bitcoin with the BTC futures since the beginning of the ongoing year. The futures would be taking their values from two Bitcoin funds located in the firm. On the one hand, Fink has remarked that his confidence is increased in cryptocurrencies due to the massive traffic of investors on the blockchain.

On the other hand, he has also remarked that even though the firms have been actively studying the DeFi systems and have also made money from them. They have not received an overwhelming interest from institutional investors worldwide. Meanwhile, prior to introducing Bitcoin Futures, Rick Rieder, Chief Investment Officer at BlackRock, exclaimed that Bitcoin could eventually replace Gold in the markets. 

Long-term Holders Making a Move in the Market

In the aftermath of the Coinbase listing at NASDAQ, the flagship crypto went from support range to an ATH of $64,500. Bitcoin miners have been dumping the shipments of Bitcoin since it started to grow from $13,000. According to data shared by a Twitter account, @DocumentingBTC, the long-term holders have started to grow their holdings by hoarding more BTC to their stash.

Such HODLer behaviour was seen on the digital asset markets back in the 2017 bull run when Bitcoin was trading around the $11,500 to $12,000 range. The data from Glassnode shows that several long-term Bitcoin holder accounts have started to grow bigger by accumulating more Bitcoin since last year. 


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