A Great News for the Crypto Lovers
Hi guys,
This is @rupjo82 from India would like to share one news which you may not came know yet. This is really a Very Great News for Crypto Lovers as
BLACKROCK:
BlackRock is one of the world’s leading asset management firms with approximately $6.28 trillion in AUM (Assets Under Management)
Recently, a Blackrock’s spokeswoman stated:
“Blackrock is looking at blockchain technology for several years”
The asset management firm has established a department for investigating the opportunities of the cryptocurrency’s market and how it can deliver financial products related to these assets.
Ran Neu-Ner, the founder of Onchain Capital, said:
“When the world’s biggest ETF company is looking at Crypto and the SEC has no real reason to block the next ETF, it could get a little exciting”
It seems that Ran is convinced that the future of cryptocurrencies is significantly brighter than what most individuals think.
Are asset management firms doing their job?
Asset management firm’s job is to invest client’s funds on their behalf with a financial objective. In other words, clients pay a management and, occasionally, performance fee to the asset management companies expecting them to generate positive returns on their portfolios.
Blackrock’s aggressive portfolios returns were not even close to Bitcoin returns in 2017. One of the most aggressive investments referring to Blackrock’s ETFs is the iShares Core Aggressive Allocation which has a 3-year annualized average return of 13.68%. On the contrary, Bitcoin had a return of approximately 1,318% in 2017.
Jamie Dimon, who is the CEO of JP Morgan, once said that Bitcoin was a fraud and raise a question whether large institutions should support the blockchain industry.
Therefore, If Blackrock invests in Crypto or Bitcoin then its a great for all of us as we all know it well if the MarketCap increases or if the demand increases in comparison to the supply the price of Bitcoin automatically high.
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