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The bull run of cryptocurrencies has stopped for the time being. After Bitcoin (BTC) and Ethereum (ETH) reached new all-time highs of more than $41,000 and $1,400 within a few weeks, prices have been correcting for two weeks. One thing is certain, however. The entry of institutional investors into crypto has been broad-based – from PayPal to the world’s largest asset manager BlackRock; the FIAT elite has definitely made first foodprints the crypto universe. This promises a durable crypto-asset future.
According to Bloomberg, BlackRock, the world’s largest asset manager filed respective updated prospectuses for BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund Inc. with the U.S. Securities and Exchange Commission (SEC). BlackRock has authorized the two funds to invest in bitcoin futures, the filings state.
The move allows exposure to cryptocurrencies for clients of the world’s largest asset manager for the first time. BlackRock manages some $8.7 trillion in assets. The move is signaling a new willingness to test the waters of Bitcoin.