Despite the fact that the bitcoin (BTC) rate is somewhat drifting, we have seen a number of positive news reports about the adoption by large investors in recent days. This time it is BlackRock’s turn, the world’s largest asset manager.
A filing with the Securities and Exchange Commission (SEC) yesterday shows that the major asset manager has actually ventured into bitcoin. More precisely, it concerns 37 CME bitcoin futures contracts with a total value of $ 360,457.
You might think that’s next to nothing, and that’s right. The 37 contracts are only 0.0014% of the total value of the fund. Nonetheless, it’s a hopeful sign that BlackRock is venturing into bitcoin with its $ 9 trillion in assets under management.
That BlackRock is working with bitcoin was already somewhat known. In February, asset manager CIO Rick Rieder said, “we’ve started to dabble a bit into it.” In other words, they were playing with it. The hope is now that BlackRock may enter the market further, which would of course be good news. Rieder said at the time:
“I feel like technology and regulations have evolved to the point that some people think it should be part of the portfolio, so that’s what’s driving the price up.”
Yesterday we also saw some good news about adoption. The large investment bank Goldman Sachs will most likely launch bitcoin investment products in the second quarter. Morgan Stanley, another major investment bank, has been doing this for a while.