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A new annual high for Bitcoin: On Thursday, a single Bitcoin was temporarily above $31,500. By Friday afternoon, the course stabilized at $30,100. The currency has gained 80 percent since the beginning of the year.
Investors have high hopes: Blackrock is about to launch the first Bitcoin fund in the US. CEO Larry Fink (70) has long been skeptical of digital currency.
Fink now describes the cryptocurrency as an “international asset” and compares Bitcoin to the “digitalization of gold”. Blackrock, the world’s largest asset manager, therefore wants to invest in Bitcoin cheaper and easier.
“It’s very expensive to trade bitcoin right now,” Fink said in an interview with Fox Business. “We hope our regulators will see these applications as an opportunity to democratize cryptocurrencies.”
Other apps failed
A few years ago Fink had a completely different view. In 2017, he described Bitcoin as a “money laundering index”. Meanwhile, Blackrock wants a piece of the crypto pie.
Blackrock is close to approving the first exchange-traded Bitcoin ETF in the US. The asset manager submitted the documents for the planned fund last month. Competitors like investment firm Invesco have done the same.
So far, all Bitcoin funds have gone bankrupt with the US Securities and Exchange Commission. Applications were rejected due to possible market manipulation. But Blackrock now has differences: Investors must define themselves. In addition, information is exchanged about, among other things, the trading and clearing activities of the fund. Blackrock has since posted more details.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
