The world’s largest asset manager BlackRock Inc is adding bitcoin futures as an eligible investment asset class.
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.”
Upshot
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.
Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Follow Olumide on Twitter @tokunboadesina or email [email protected] He is a Member of the Chartered Financial Analyst Society.
Other leading crypto assets including Ethereum, Cardano, Litcoin, Chainlink, Polkadot, and Stellar lost more than 8% in value.
The crypto market just lost about $70 billion, as significant selling pressure from crypto sellers pushed the value of cryptocurrencies lower across the market spectrum amid the rising U.S dollar and some profit-taking.
At the time of drafting this report, about $70 billion in value was virtually wiped out, taking into account the flagship crypto, Bitcoin, the dominant player in the crypto market, lost as much as $2,000, according to data retrieved from Coin360.
Crypto experts interviewed by Nairametrics are saying that a market correction was long overdue after the overextended bullish move.
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, coupled with the strong rebound in the U.S dollar
The most powerful British monetary policymaker, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival
The most powerful British monetary policymaker, Andrew Bailey, is not of the bias that the current generation of digital assets has the structure needed to ensure long-term regulatory survival.
Speaking during the World Economic Forum yesterday on “Resetting Digital Currencies” the Bank of England governor reacted to a question on whether crypto is here to stay for the long term with skepticism:
“Are cryptocurrencies here to stay? Digital innovation in payments – yes. Have we landed on what I would call the design, governance, and arrangements for a lasting digital currency? No, I don’t think we’re there yet […] I don’t think cryptocurrencies as originally formulated are it.”
In a report credited to This is Money, a British-based financial newspaper, Andrew Bailey said that crypto-currencies in their current state were not likely to be the final settling point, as consumers, businesses, and regulators would look for digital currencies that are stable, safe, and well-designed before fully shifting away from traditional currencies like the pound and dollar.
What you should know: At the time of drafting this report, the crypto market was valued at $955 billion, a 2.23% drop over the last day.
A list of cryptos expected to do very well in 2021 has been unveiled by a renowned crypto expert.
Widely respected crypto trader, Michaël van de Poppe recently unveiled the list of cryptos expected to do very well in 2021 amid the prevailing bullish run in the Crypto verse.
He started by mentioning Polkadot (DOT) and looking at levels where investors can buy on dips.
“We do see these retests at $15. That was one of the levels I discussed. Another one is this $13-level which is lower timeframes and then we’ve got this area around $10.50,” he said.
READ: Crypto experts reveal their favourite Cryptos
Polkadot protocol connects private and public chains, oracles future technologies, and permission-less networks allowing such independent networks to share information and transactions through the Polkadot relay chain,
Van de Poppe expects the next leg of the bull run to catapult DOT to his targets at $25, $29, and $45.
In addition to Polkadot, the analyst says he’s also bullish on smart contract platform Cardano (ADA), blockchain for enterprise solutions Zilliqa (ZIL), hybrid blockchain platform ICON (ICX), high throughput blockchain Elrond (EGLD), and interoperable blockchain network Cosmos (ATOM).
READ: DeFi crypto market value gains over 1000% from June
Cardano is a type of blockchain that permits people to receive and send funds.
Elrond is a type of blockchain architecture, created to facilitate a 1000-fold cumulative improvement in the execution of speed.
Its architecture combines a secure Proof of Stake (PoS) algorithm facilitating unlimited scalability.
Zilliqa is a type of cryptocurrency that focuses on making blockchains more scalable and much faster; It uses sharding technology to simplify the consensus process so that blockchains like Ethereum can provide fast transaction processing successfully.
READ: Ethereum miners earning more than their Bitcoin rivals
Another solid crypto on the crypto expert’s radar is Celer Network (CELR). He says the layer-two scaling platform can potentially rise to $0.035, representing a potential return of 400% from its present value of $0.007.
Last but not least is chainlink on the bias it has more room for upsides as its still upcoming crypto and has a solid fundamental;
“Chainlink itself has a very big market share of the oracle niche. Other oracles are just starting up their first,” Poppe said.
READ: ChainLink, now most valuable DeFi Crypto by market value
Chainlink is a blockchain that is designed to bridge the space between blockchain technology-based smart contracts (created by ETH), and other user programs.