BlackRock Starts Exploration Of Cryptocurrencies

According to Financial News, the largest investment company in the world, BlackRock, has created a working group to study the potential gain in the cryptocurrency market.

BlackRock Starts Exploring Bitcoin

A team of experts from different business areas will have to analyze information about cryptocurrencies and blockchain. They will find out whether the $6.3tn investment company should invest in bitcoin futures. The working group will consider the risks and benefits of investing in digital money.
According to Financial News, the group will not only study the blockchain technology. They will analyze the activities of its competitors, who already make activities on the cryptocurrency market.
The official representative of the company did not comment on this information. She noted only that the company had been “looking at blockchain technology for several years”.

One source also said that the team included representatives of various divisions of the company, including the well-known financial analyst Terry Simpson, who is engaged in researching the capital market and forming the position of BlackRock. Simpson should analyze the possible benefits from investing in bitcoin futures.
The group will  report the results of the study to the management of the company.

The creation of a working group may mark a turning point in BlackRock’ relation to cryptocurrencies.
In October 2017, CEO of BlackRock, Larry Fink, told Bloomberg that cryptocurrencies are primarily a speculative asset, and people primarily use it for money laundering. He added that the company’s clients do not see the investment opportunity in this asset.
Also in February, Global Chief Investment Strategist for BlackRock, Richard Turnill, said that only those who are morally ready to completely lose their investments should work with cryptocurrencies.

About BlackRock

BlackRock is not the only company whose actions diverge from earlier comments from its management. American financial holding JPMorgan Chase & Co has created its own strategy in the field of cryptocurrency, despite critical statements against bitcoin from the head of the bank, Jamie Dimon.
BlackRock was founded in 1988. Now the company is based in New York and manages assets of $ 6.3 trillion. The number of employees is 13 000 people. Net annual revenue for the year 2017 was $ 4.97 billion.

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