On 16 July 2018, a news story that BlackRock was creating a team to explore cryptocurrency investment was thought to have sparked a 5% Bitcoin rally. This news story was based on insider tips to Financial News London. Now the CEO of BlackRock, Larry Fink, has denied these reports.
Larry Fink said, “I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says I need to be in this.”
BlackRock did not rule out moving into the cryptocurrency space once regulations mature. Fink told Bloomberg, “When it becomes more legitimatized, when it has a true open nature of it that you can identify who the players are on both sides, that’s when we’ll probably look at it.”
Simultaneously, Fink indicated that he was very excited about blockchain technology itself. Blockchain technology can be used to improve the infrastructure of an organization like BlackRock by providing an immutable cryptographically secure database, and it can also be used as the backbone for instant and cryptographically secure transactions. Blockchain technology is being used by many organizations around the world to increase efficiency and trustworthiness, and doesn’t require implementing or using cryptocurrency itself.
Despite the revelation that BlackRock will not be investing in crypto anytime soon, Bicoin held its gains and currently sits at USD 6,700.
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