Blackrock’s Vote Of Confidence Sends Bitcoin Higher For A Third Week

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Bitcoin rose for a third straight week and is close to breaking the $25k barrier. It comes after a week in which BlackRock, the largest asset management firm in the world, announced both a partnership with Coinbase and the launch of a spot bitcoin private trust (which will be offered to private institutional clients).

The move by Blackrock (which was probably a few months in the making) shows how more and more Wall Street firms are pushing into digital assets as the crypto industry slowly recovers from the collapse of Luna and Celsius.

Anthony Scaramucci: BlackRock’s #Bitcoin trust will create a “demand shock.”

“There are only 21 million BTC.” 🚀 pic.twitter.com/3pYXxu7PoK

— Bitcoin Magazine (@BitcoinMagazine) August 12, 2022

Substantial interest

It’s quite the turnaround for Larry Fink, CEO of Blackrock, who publicly criticized bitcoin in the past. In 2017, he stated that:

Bitcoin just shows you how much demand for money laundering there is in the world, that’s all it is.

However, as many more Wall Street clients ask for access to Bitcoin and other cryptocurrencies, even Blackrock has no choice and opened up an investment vehicle. It once again shows how Bitcoin and crypto as a whole has matured as an asset class.

CRYPTO BREAKTHROUGH: BlackRock launches spot Bitcoin private trusthttps://t.co/iT6AcDa2yr

— FOX Business (@FoxBusiness) August 12, 2022

Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities.

BlackRock’s statement read.

Blackrock will at first only allow access to the private trust for institutional clients in the US.

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