World’s largest asset manager BlackRock looks into cryptocurrency, Bitcoin up by 4%

World’s largest asset manager Blackrock, with an asset worth of $6.3 Trillion, has set up an internal committee to study the cryptocurrency market and how they can profit from it. The news comes despite Blackrock’s CEO Laurence Fink called Bitcoin an “index for money laundering”.

The team set up by Blackrock will study cryptocurrencies, the underlying infrastructure, blockchain and will answer the question of whether Blackrock should invest in Bitcoin Futures, as reported by Financial News.

The team is being led by Terry Simpson, a New York based multi-asset strategist at Blackrock Capital.

Lawrence Fink isn’t the only one to change track. Last year J.P Morgan CEO Jamie Dimon called cryptocurrencies a “fraud”, however, moved his head of Fintech to explore the cryptocurrencies. Even Goldman Sachs has set up a Bitcoin trading desk.

Many Bitcoin analysts are hopeful that by the end of 2018, Bitcoin ETF’s will start trading. With Blackrock showing interest towards cryptocurrencies, it is possible that we will see Bitcoin ETF’s sooner.

Cryptocurrency market saw a moderate recovery following the release of the news. Bitcoin went up 4.01% bringing the price of Bitcoin to $6,630 while Ethereum went up by 5.42% and is currently trading at $474.

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