By Scott Melker
BlackRock plans for a pair of multi-billion-dollar funds to add bitcoin exposure through its spot bitcoin ETF and other products.
BlackRock, the largest asset manager in the world, now plans to purchase spot bitcoin exchange-traded products (ETPs) for its $18 billion Global Allocation Fund and $36.7 billion Strategic Income Opportunities Fund.
Perspective: Reflecting on this news and the larger adoption of bitcoin products into the world’s largest financial funds, crypto analyst Scott Melker projected that the bitcoin price will soon reach more than double its all-time high mark.
“But imagine when it’s not active investing, but it’s completely passive,” Melker said in the video above. “Imagine when the Fidelities and BlackRocks and Merrills and anybody else who’s indexing adds these products and has to continue to add them to keep up with the percentage of the AUM of that fund. This could send bitcoin far higher than $138,000 or $150,000.”
More details: A recent BlackRock filing with the U.S. Securities and Exchange Commission (SEC) indicated that the firm plans to purchase shares of bitcoin-focused products, including its own IBIT spot bitcoin exchange-traded fund (ETF) for its Global Allocation Fund. This came shortly…
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