The world’s largest asset manager, BlackRock Inc is adding bitcoin futures as an eligible investment asset class according to a recent filing by the leading asset management company in a move to bring crypto to its customers.
BlackRock, in a report credited to Reuters, disclosed that it was using such asset class as bitcoin derivatives for its two funds namely; BlackRock Global Allocation Fund and BlackRock Strategic Income Opportunities.
Such funds listed above will invest only in cash-settled bitcoin futures traded on commodity exchanges registered with the Commodity Futures Trading Commission, the company said in a filing to the Securities and Exchange Commission yesterday.
Recall some weeks ago, BlackRock CEO, Larry Fink had disclosed, the flagship crypto is on his company’s radar amid the rapid gains recorded by Bitcoin this year alone.
Speaking recently at the Council on Foreign Relations alongside Mark Carney, former Governor of the Bank of England, Fink said, “Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small relative to other markets.”
- BlackRock is the world’s largest asset manager, with $8.67 trillion in assets under management as of January 2021
- Its massive size allows it to do what no other asset management on planet earth can do.
Also, the BlackRock CIO of Fixed Income buttressed his bias, on why Cryptos are here to stay, taking into account its role in payments among the world’s millennials.
“I think cryptocurrency is here to stay and I think it is durable and you’ve seen the central banks that have talked about digital currencies. I think digital currency and the receptivity, particularly millennials’ receptivity to technology and cryptocurrency is real. Digital payments systems are real, so I think Bitcoin is here to stay,” he said.
Cardano running on hot steam, bounces above $1 mark
Cardano at the time of writing this report was trading at $1.047324, up 20.35% on the day.
Cardano, the sixth most valuable crypto is enjoying impressive gains amid record-buying pressure from crypto investors.
At the time of writing this report, Cardano was trading at $1.047324, up 20.35% on the day. It was the digital currency’s biggest one-day percentage gain since February 20, 2021.
Such appreciation sighted in the fast-rising crypto asset, pushed Cardano’s market value to $32.38 billion, or 2.10% of the total cryptocurrency market value. At its highest, Cardano’s market cap was pegged at $35 million.
Cardano had traded in a range of $0.899630 to $1.047324 for the day.
Over the past seven days, Cardano has seen a rise in value, as it gained 21.56%. The volume of Cardano traded for the day at the time of writing, was $10.583078 billion or 4.48% of the total volume of all cryptocurrencies.
It has traded in a range of $0.8115 to $1.1971 in the past 7 days.
Highly revered crypto analyst/trader, Michaël van de Poppe also recommended the fast-rising crypto asset.
In a video (titled “Cardano Breaks $1 But $10 Is Possible In This Bull Cycle! Here’s Why!”) released recently the crypto pundit told his followers on Youtube channel that:
“Cardano going towards $10 is not that weird to calculate from here, especially given the fact, and I’ve been saying this in the past week multiple times, especially given the fact that Cardano and mostly all the Bitcoin pairs are just barely waking up. So there’s still much more to gain for the Bitcoin pairs.”
- Cardano (ADA) lately has been tipped to outperform, on the bias that it is headed towards its smart contract launch last month, leading to a significant amount of applications built on Cardano in 2021.
- This means that more developers will see it as an attractive medium for building their desired apps.
Elon Musk’s SpaceX is exploring the merits of buying Bitcoin
SpaceX, a company founded by Elon Musk is exploring the merits of buying Bitcoin, according to MicroStrategy CEO, Michael Saylor.
MicroStrategy CEO, Michael Saylor, has revealed that SpaceX, a company founded by Elon Musk, is exploring the merits of buying Bitcoin.
Saylor revealed that top representatives from SpaceX were among 7,000 companies represented at MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.
“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.
“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.
However, a significant number of traditional finance experts are not buying into the flagship crypto bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.
Recent reports suggest SpaceX raised another $850 million this month from a group of leading institutional investors led by Sequoia Capital.
- Such investment now puts SpaceX’s valuation at $74 billion, a 60% jump from August, and helped boost Musk’s net worth by about $11 billion, according to the index.
- A November 15, 2016 filing with the Federal Communications Commission revealed that the tech billionaire owned 54% of SpaceX.
Micheal Saylor has always been a strong fan of the world’s most popular crypto asset and he thus shares the bias that companies can use Bitcoin to hedge against future fiat inflation and allow them to plug into a revolutionary and superior monetary network.
Nairametrics | Company Earnings
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]
- Mutual Benefits Assurance Plc boosts post tax profits by 25.9%
Mutual Benefits Assurance Plc released […]
- 2020 FY Results: Prestige Assurance Plc reports a 50.44% increase in profit.
Prestige Assurance Plc released its […]
- John Holt falls deeper into losses
John Holt Plc released its […]
- Sales volumes crash for Northern Nigeria Flour Mills Plc
Northern Nigeria Flour Mills Plc […]