Bitcoin (BTC) jumped 4% on Monday after leading investment management corporation BlackRock Inc (NYSE:BLK). announced it is taking steps to partake in the cryptocurrency ecosystem, reports Financial News. With over $6 trillion in funds under management and clients from 100 countries, BlackRock Inc. has been the world’s largest asset manager for the last nine years.
According to coinmarketcap.com, the world’s most popular cryptocurrency went up 4% over the past 24 hours, rising just shy of $250 to $6,600. This is the biggest single-day gain for BTC since the start of June.
Financial News’ sources claim BlackRock Inc. will follow the likes of Goldman Sachs (NYSE:GS), Fidelity Investments, and JPMorgan (NYSE:JPM) to become one of the first leading financial institutions to join the crypto-sphere. A BlackRock spokeswoman confirmed the company has been “looking at blockchain technology for several years” but did not provide further details. Allegedly, the company has already formed a working group to study crypto-coins and blockchain technology.
The group will review competitors’ cryptocurrency projects and how it affects BlackRock’s operations. Financial News reports Terry Simpson, a New York investment strategist, has joined as an adviser on investments in Bitcoin futures.
The alleged move comes partially as a surprise after numerous company representatives repeatedly criticized Bitcoin in the past 12 months. In 2017, Larry Fink, CEO of BlackRock, claimed the cryptocurrency is speculative and often involved in money laundering operations. In February 2018, the corporation’s chief multi-asset strategist, Isabelle Mateos y Lago, said BlackRock is “not advising anyone to put their money in [Bitcoin] unless they are willing to lose their entire stake.”
BlackRock would not be the first institution to change its stance on crypto-coins. In February, four months after JPMorgan CEO Jamie Dimon went on a tirade against Bitcoin, a leaked document revealed the company has radically changed its stance on cryptocurrencies as a whole.
The report comes a week after billionaire investor Steven Cohen was revealed to have joined a hedge fund with a focus on cryptocurrency and blockchain-based start-ups.
This article appeared first on Cryptovest
