BlackRock has announced that it opened up a spot Bitcoin private trust for its U.S. institutional customers, marking a pivotal moment in the adoption of cryptocurrency by legacy firms.
Five years ago, BlackRock CEO Larry Fink described Bitcoin and the cryptocurrency industry as an "index of money laundering". His opinion later changed in 2020 when he said that the cryptocurrency industry is a "global market". Fink and the world's largest asset management firm, has seemingly fully accepted the new industry even further by opening up a spot Bitcoin private trust that seeks to track the performance of bitcoin, less expenses, and liabilities of the trust.
The event of BlackRock taking a bigger step into the cryptocurrency market comes after the asset management firm announced a partnership with U.S. cryptocurrency exchange Coinbase, with the new collaboration planning on offering institutional clients access to cryptocurrency trading and other related services. For more information on this story, check out this link here.
" The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust. 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," the statement from BlackRock reads.
"$BTC is breaking out of an ascending triangle on low volatility meaning we should be expecting a big move soon enough. Holding up to the break out is the number one priority where the realistic targets would be 27-29k above or 19k below in case we don't hold," the Whalemap team revealed.