Especially for a limited circle of elite clientele, Blackrock has joined forces with the Coinbase exchange to provide institutional investors with the opportunity to invest in crypto assets.
The US asset management company has added the world’s largest digital currency by market capitalization to its Global Distribution Fund for Passive Investors.
According to analysts, now on centralized exchanges (CEX) the number of bitcoins available for purchase does not exceed 1.85 million units. With the current price of BTC, which is around $17,000, the total volume is estimated at $31.4 billion.
Considering that BlackRock currently manages about $15 trillion in assets, the corporation will need only 0.32% of its own funds to purchase all bitcoins available for sale on all exchanges.
Even if BlackRock’s investment in bitcoins is one-time, they will undoubtedly have a huge impact on the growth of the BTC price, and will also entail the activity of other investment companies.
Last December, a popular stock-to-flow crypto analyst named PlanB once again reaffirmed his expectations for a massive rise in Bitcoin in 2023 or at least 2024.
Source: Bits
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