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Blackrock Group Explores Investing On The Cryptocurrency Market

The Blackrock group, one of the most important and powerful investment conglomerates in Wall Street, has publicly declared today that they have the intention of getting into the cryptocurrency market. For this objective, they have announced a set of actions with the intention of knowing more about the dynamic of this new space for them, according to an article published by Financial News.
Blackrock is a monster investment management firm with clients all over the world, that has over 6.3 billion dollars in managed assets. Having operations and clients in more than 300 countries, this is big news for the cryptocurrency market that is still waiting for what investors call “institutional money”.
Blackrock spokespersons announced that they had assembled a cryptocurrency working group to consider and study in which ways they can invest in the cryptocurrency market to gain more profit and build a foothold in that new market. Some analysts claim that the formation of a working group means nothing, and that for big firms like Blackrock is only natural to explore new forms and ways of making money while staying relevant.
But them taking this path kind of reaffirms that cryptocurrencies are indeed here to stay and that they form part of our future, more so when this decision constitutes a change of heart from them: Larry Fink, Blackrock group’s head has called cryptocurrencies an instrument for money laundering publicly, and declared that cryptos were speculative.
The Blackrock group is so big that this announcement has already affected market prices, bringing Bitcoin and other altcoins to rise in value. While it is expected that big investment firms will get into the cryptocurrency train, an announcement like this one is a big win for the legitimacy of the cryptocurrency business as a whole and can help to make other big businesses to at least consider cryptos as an alternate investment option for their portfolio.

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