After stating that „customers have no interest in Bitcoin“, BlackRock can buy Bitcoin
The world’s largest asset manager is about to buy Bitcoin
BlackRock, the financial industry giant and fund manager with market value in the trillions, has registered some requests with the SEC (U.S. Securities and Exchange Commission) that may indicate the allocation of part of its treasury in Bitcoin.
The company seems to be just following the new wave of the market, however, the news is curious because the CEO of BlackRock said in 2018 that „nobody wanted Bitcoin.
The opinion about Bitcoin System from traditional investors is something that has been changing over time. Some who criticized the currency in 2017 are now seeing Bitcoin as a reserve of value.
Even the JPMorgan Chase bank, which was one of the biggest Bitcoin critics in 2017, recognized that it was wrong about digital currency.
In a 2018 Bloomberg article, BlackRock CEO Lary Fink was quoted as saying that the company had no interest in Bitcoin as there was no demand from its customers.
BlackRock at the time was the largest fund manager in the world and is still one of the most important. According to Fink, at the time, the company had no interest in buying Bitcoin because he did not think his clients were looking for exposure to the digital asset.
„I don’t believe that any client searched cryptomoeda exhibition. I didn’t hear from any client saying: ‚I need to invest on this'“, said Fink to Bloomberg.
BlackRock can buy Bitcoin
In 2018, when asked if there was a need to prepare in case clients wanted to invest in the digital asset, Fink said, „Not at the moment.
About 2 years passed and things changed completely. Bloomberg revealed that BlackRock made two registrations with the SEC, one for BlackRock Funds V and one for BlackRock Global Allocation Fund, Inc.
Although they are not specific about the use of capital to buy Bitcoin, in both it is mentioned „certain funds can be used in future contracts based on Bitcoin“.
Records do not guarantee with certainty that BlackRock will buy Bitcoin or invest in future contracts. But in the past, this type of document always preceded capital allocations in cryptomeda.
The change in sentiment towards the digital currency has not been unnoticed by the community. With many calling attention to the two completely different positions.
The Bloomberg text also highlighted that last month, Larry Fink said during an event that he believes Bitcoin is gaining more legitimacy as an asset class, but said we need to be careful, stating that „we still need to go through many markets to see if it will become permanently real“.