'The biggest Bitcoin news of the year'
Ok, this sounds boring and stodgy, but it has the potential to be big.
Real big.
BlackRock, the multinational investment management corporation (Christ, that's a mouthful), are 'diving head first' into crypto - specifically Bitcoin.
They've previously been hesitant to enter the space, citing concerns around energy use.
But new data from RMI and Energy Web's monitoring programs, which give transparency to the level of sustainable usage in Bitcoin mining, have given BlackRock a green light to enter the space.
Another legacy financial player is looking to get into the crypto space, that's cool, the more the merrier - but why is this a 'real big' deal?
BlackRock manages - get this - $8.5 Trillion (with a T) worth of assets (!!!).
Institutional investment of this scale won't just have ripple effects throughout the crypto market, it'll send tidal waves.
Here's what an allocation of 1% / 2.5% / 6.5% of their funds could do for Bitcoin's price, according to ARK invest:
1% = a $90,000 Bitcoin
2.5% = a $200,000 Bitcoin
6.5% = a $500,000 Bitcoin
(Holy moly!)
Now we understand why our YouTube feed is full of videos titled 'The Biggest Bitcoin News of the Year.'
Ok, great! So when are they going to start investing??
This is where it gets a little murky. BlackRock are partnering with Coinbase in order to facilitate their investment, but according to Barron's, they'll first have to navigate 'a regulatory minefield.'
Subtext: it might take a while before they can do this, without pissing off the SEC.
But hey, we can work with that. It's better to be waiting to hear 'when' they're going to enter the space, rather than 'if'.
Very exciting!
