If recent news reports are to be believed, one of the world’s premier asset management companies, BlackRock, is looking to enter the cryptocurrency market.
Earlier this year, the firm released a statement on Medium saying:
“We see cryptocurrencies potentially becoming more widely used in the future as the markets mature. Yet for now, we believe they should only be considered by those who can stomach potentially complete losses.“
However, since then, new details have emerged which claim that the firm has already created a team to “investigate cryptocurrencies and their underlying infrastructure, blockchain”. Not only that, media outlets have also reported that Black Rock is also contemplating whether or not to invest in bitcoin futures.
More on the issue
While the story has yet to be officially confirmed by CEO Larry Fink, if it is indeed true, it would mark quite a turnaround for Fink and his previously adopted stance towards cryptocurrency:
“Bitcoin just shows you how much demand for money laundering there is in the world… That’s all it is.”
Final Take
As things currently stand, BlackRock manages assets for a host of international clients spread across countries within North America, Europe, Asia, Australia, the Middle East and Africa. Some of the firm’s core clients include national governments; insurance companies; third-party mutual funds etc.
In addition to all this, it is also worth noting that Blackrock currently has on its roster, more than 13,000 full-time employees.
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