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On August 11th, 2022, bitcoin (BTC) price witnessed slight movements where it jumped up to 24,921 USD. Apparently, there could be several different factors to push the price of flagship cryptocurrency. However, most analysts and people with knowledge of crypto, considered the recent move of BlackRock as a significant reason behind the jump in BTC price.
Many prominent people from all over the space commented on the instance of BlackRock Bitcoin fund launch and its impact on bitcoin price. Former CEO at Grayscale – Barry Silbert – said this instance as coming of the ‘Wall Street. Analyst Willion Clemente, termed the recent news of the bitcoin fund as a landmark event in the history of bitcoin.
According to Clemente, the news of BlackRock’s move has potential to come as the most bullish news. This will be more beneficial of long term holders of bitcoin. He told his Twitter followers that not only the recent news, but many other factors also indicate the situations are stable now. Clemente added while indicating towards other firms that they could lose this chance if they do not offer bitcoin exposure to their clients soon.
BlackRock is the world’s largest asset management firm with assets under management more than 10 trillion USD. On August 11th, 2022, in a blogpost the fund manager announced the launch of private trust offering of bitcoin exposure to the institutional clients in the United States.
The blog post noted that regardless of the heavy market downturn in crypto space lately, the asset management company was closely looking towards the growing interest of institutional clients towards crypto assets. This made the company move ahead with the approach in order to access the digital assets efficiently and in a cost effective manner while taking advantage of their technology and product capabilities, the post added.
According to BlackRock, bitcoin (BTC) is the oldest, largest and cryptocurrency with the most liquidity across the space. This also makes the top cryptocurrency highly intriguing for their clients taking interest in crypto space.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
