Larry Fink still isn't convinced, though.
17 Jul, 2018FORTUNE.COM
Bitcoin is rising again, up by more than 5% in the last day. Other cryptocurrencies are also doing well, and this time the reason appears to come from an unlikely source: BlackRock blk , the asset manager whose chairman and CEO, Larry Fink, said earlier this year that cryptocurrencies are “more an index of money laundering” than anything else.
On Monday, a Financial News report claimed that BlackRock had established a working group to look into cryptocurrencies and blockchain infrastructure. Fink then confirmed the news, albeit with a major proviso: “I don’t believe any client has sought out crypto exposure,” he told Bloomberg
Even with that note of caution, some see BlackRock’s potential embrace of the technology as hugely significant.
“As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space,” Chris Yoo, a portfolio manager at cryptocurrency hedge fund Black Square Capital Management, told Reuters.
The news immediately triggered a 4.5% rise in Bitcoin’s value within two hours, according to a Coindesk report.
At the moment, the price of one Bitcoin stands at $6,738, up 5.25% over the last 24 hours. A few weeks ago it hit a 2018 low of $5,787, so it’s not doing badly by current standards, although the cryptocurrency was obviously doing a lot better when it almost hit $20,000 back in December.
Other cryptocurrencies are also having a good day: Ethereum is up 4.6%, XRP 6.6%, Bitcoin Cash 9% and EOS 7.8%.