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BlackRock Buys Bitcoin Instead Of Houses

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Black Rock Bitcoin

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The multinational asset management firm, BlackRock, hopes to divert some of its $8.5 trillion capital into Bitcoin.

This comes from a blog on their official website in which they reveal a launch of a spot bitcoin private trust to serve clients who have shown “increasing interest” in bitcoin.

Perhaps Larry Fink will get laser eyes?

The move is of interest to the Bitcoin community at large as BlackRock has the build of a big whale, so its movements within the Bitcoin marketplace are bound to attract respect for Bitcoin from major investors currently not in this game.

Bitcoin needs all the PR it can get because fundamentally, it empowers the individual more than the corporation or the state, as compared to the alternatives. This is the truth as counterintuitive as it sounds.

The company has also partnered with Coinbase, a cryptocurrency exchange currently under investigation by the SEC, to offer institutional clients bitcoin trading services.

However, in light of a recent $2 trillion value loss in the cryptocurrency market orchestrated by nefarious pump and dump schemes amongst other issues, the SEC is yet to approve bitcoin spot trading. For now, BlackRock and friends can only offer bitcoin futures, which the SEC has approved.

Simply, a spot trade is an immediate buy and sell executed within seconds while a futures trade is a contract that can negotiate buy and sell orders over days and weeks.

Blackrock and its clients are also interested in blockchain technology geared towards clean energy and mitigating energy wastage and pollution. And Bitcoin serves impressively in these areas as well.

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