BlackRock CEO: Bitcoin has caught our attention
Blackrock CEO Larry Fink says Bitcoin (BTC) is on his company’s radar following the cryptocurrency’s rapid appreciation over the past few months. Record inflows into Grayscale products, the growth of Bitcoin corporate treasuries, and Guggenheim’s Securities and Exchange Commission amendment to gain exposure to BTC represent a seismic shift in institutional adoption.
Institutional demand for Bitcoin has created an alarming shortage in the market, with the likes of PayPal and Cash App scooping up most, if not all, newly mined BTC. Although BlackRock doesn’t outright own Bitcoin, it has indirect exposure to the asset through MicroStrategy, a business intelligence firm that converted its balance sheet to BTC.