BlackRock Sees Less Demand of Cryptocurrency from Clients

BlackRock’s CEO Larry Fink disclosed that he has seen fewer demands for bitcoin and cryptocurrency as of late.  Previously, investment in cryptocurrency and bitcoin is at a peak but lately, the discussion has faded away. Fink did acknowledge that there are chances that the investors who want to invest their money into crypto might not be the target audience for BlackRock.

BlackRock is a giant in the investment space with around $9.5 trillion worth of assets under management. Cryptocurrency and Bitcoins are not the focus of BlackRock but are still involved in the talks.

Earlier, BlackRock CIO Rick Rieder disclosed in February that the firm was “experimenting” with Bitcoin.  Moreover, the submission of the firm published in March disclosed that the BlackRock Global Allocation fund held a position in Bitcoin futures deals traded on the CME. The notional amount of the deals at the date of termination was about $6.1 million.

Furthermore, Larry Fink also talked about that the recent surge among retail investors, who have gathered around “meme stocks” such as GameStop and AMC Entertainment. He revealed that he discovers the increase of the retail investor exhilarating. Moreover, the participation of more people in equity markets could possibly signify the first step towards enhancing financial literacy and motivating more people to think about investing their money for the long term.

Additionally, Fink has the view that the retail-driven risky activity around meme stocks is “completely unrelated” to BlackRock and its customers.