BlackRock shifts strategy, forms Bitcoin research group.

Samiksha

Despite the CEO of BlackRock having criticized the Bitcoin industry, the establishment of this research group signals a policy shift for the company. According to a report by FN, citing "two informed sources," the investment giant with assets under management of $6.3 trillion has created a team with diverse backgrounds from different business areas to research cryptocurrencies and their underlying blockchain technology.

Insiders further revealed that the research group, including New York-based multi-asset investment strategist Terry Simpson, primarily focuses on evaluating whether BlackRock should invest in Bitcoin. They also study the attitudes and actions of BlackRock's competitors towards cryptocurrencies and how they might impact their own business. The research group will then present their findings in a report to senior management.

A spokesperson for BlackRock stated that the company has been "watching blockchain technology for several years" but declined to comment on cryptocurrencies specifically. They noted that the blockchain working group was established in 2015 and was subject to a careful review in February of this year, with expectations of "broade" usage in the future.

BlackRock is not the first to change its strategy; other giants like Goldman Sachs, whose CEO Lloyd Blankfein previously stated that Bitcoin was ""not for him,"" suddenly announced in May of this year that they were planning a cryptocurrency trading platform and establishing a dedicated research team to study how to offer a range of cryptocurrency-related products to meet customer and market demands.

Commentators who have long followed Bitcoin suggest that these institutions are still waiting for a more ideal timing and entry point for their funds. Ran NeuNer, founder of OnChain Capital and host of CNBC Cryptotrader, also mentioned over the weekend that institutional money has not yet entered the cryptocurrency trading market. The bridge for entry is now almost complete, but the market is not attractive enough. What is needed is a moderate price increase, and this was evident when Bitcoin rose by 4% in just over two hours on the same morning, presumably influenced by the bullish news from BlackRock. At the time of writing, the trading price was $6,739.

Ritu77

This suggests that they appear to be changing their perspective, doesn't it?

977Iti

BlackRock is indeed that impressive.

Kahn332

Being the world's largest is truly remarkable.