The attractiveness of Bitcoin has continued to gain admiration from all, as it seems every day that as the value of the cryptocurrency rises, so is the interest from all. The growth of institutional adoption and investment in cryptocurrency, which just crossed the $50K mark for the first time in history 48hours ago, has seemingly been on the rise in the last 12months as many corporations are getting involved.
The latest institutional adoption involvement in Bitcoin is World-Renowned Asset Managers BlackRock, whose Chief Investment Officer has confirmed that the investment managers have started to get their hands around Bitcoin.
The rapid adoption of Bitcoin makes it hard to ignore
In Rick Reider’s statement, BlackRock’s CIO of Global Fixed Income, the executive confirmed the public suspicion of the assets managers being involved with Bitcoin. BlackRock has been a firm admirer of cryptocurrency and has always been open to the idea of providing bespoke custody services for crypto assets.
However, in the statement of Reider to the press, the executive made it clear that the world’s largest asset managers are yet to offer anything concrete at the moment, despite its little involvements in Bitcoin.
The suspicion of BlackRock’s involvement with cryptocurrency was fueled last year when the company started to deliberate amongst its shareholders and board members on the involvement of Bitcoin amongst its traded funds in the SEC and also when it publicly posted a vacancy for a Blockchain senior executive expert.
Reider himself is a big fan of digital assets. He believes that the assets are beginning to change the face of investments across the world. Adopting these crypto assets is beginning to withdraw people’s attention from the well-known regular assets like stocks. Reider also believes that customer demands for crypto assets like Bitcoin will likely force prominent investment giants to start trading and offering crypto services.
Institutional adoption of Bitcoin not slowing down
Reider’s statement has only reeked of the same thing many analysts had said in the past few weeks when Bitcoin was stagnant. Many analysts believe that the institutional adoption of the high-performing cryptocurrency is not slowing down anytime soon, despite a few lows that malign the digital asset’s growth.
Bitcoin continues to lead the park amongst other cryptocurrencies, and as such, remains the most preferred for many institutional investors looking to invest in cryptocurrency. Several large corporations have been reportedly buying Bitcoin secretly, many of who were critics in the past, according to a report by crypto exchange Coinbase.
The cryptocurrency, which traded at $50,000 about 48 hours ago, had a slight drop to $49K yesterday but is now about $52,000 today, as at the time of writing. The price volatility has been touted as a reason which may deter institutional investor. Still, many analysts seem to disagree with such assertion, as cryptocurrency continues to be the most preferred for many institutional investors.
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