The World’s Largest Asset Manager BlackRock, Seeks Potential Interest in Bitcoin Futures

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BlackRock, the world’s largest asset manager announced the formation of a working group to assess the potential involvement in Bitcoin. This reported by Financial News today on July 16.

The CEO of Blackrock, Larry Fink, previously described Bitcoin, prior to last year’s all-time high, as an “instrument people use for money laundering”. This is a complete 180 from BlackRock’s more previous critical stance towards the cryptocurrency.

The decision seems to follow in the footsteps of the financial giant Goldman Sachs, who will among other things, focus on whether the company should invest in Bitcoin futures.

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A spokesperson from BlackRock stated that the company has been “looking at blockchain for several years now” however it did not mention anything about cryptocurrency.

The CEO of Goldman Sachs, Lloyd Blackfein, had previously told the media that Bitcoin “is not for him”, before another announcement was made that there would be a dedicated research team looking to how Goldman Sachs could provide a range of financially based cryptocurrency products upon the massive customer demand.

BlackRock has just under $6.3 trillion in assets under management as a 2017. Institutional money seems to be waiting for its ideal entry point while the discussion continues to circulate among financial commentators.

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