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BlackRock has authorized two of its funds to invest in Bitcoin (BTC) futures, according to filings released Wednesday with the Securities and Exchange Commission.
The move allows exposure to cryptocurrencies for clients of the world’s largest asset manager for the first time.
The $8.7 trillion asset manager said it could use bitcoin derivatives, among other assets, under the BlackRock Strategic Income Opportunities and the BlackRock Global Allocation Fund.
The funds are only permitted to trade cash-settled bitcoin futures, meaning the holder will receive a simple cash credit once the contract expires. Such settlements do not require physical delivery of the underlying asset.
More specifically, BlackRock’s two funds will trade only in those bitcoin futures that trade on exchanges registered with the Commodity Futures Trading Commission. At present, the only exchange registered to do so is the CME.
Bitcoin scored an all-time high above $41,000 earlier this month, driven largely by record amounts of money being pumped into economies by governments and central banks to aid relief from the coronavirus crisis. The token was trading around $33,181 on Thursday – a drop of almost 6% on the day.
BlackRock reported assets under management of $8.68 trillion as of December 31. In December, CEO Larry Fink noted that the world’s most popular cryptocurrency is seeing giant moves on a daily basis and could possibly unfold into a global market.
Rick Rieder, the firm’s chief investment officer, told Bloomberg shortly after that there is a clear demand for bitcoin and that “it’s going to be part of the asset suite for investors for a long time.”
In other trending Bitcoin News today:
“Guggenheim CIO Expects Bitcoin to Drop to $20,000”
A senior executive at financial services firm Guggenheim Partners โ which is planning to seek investment exposure to Bitcoin (BTC) โ has argued that BTC is poised to drop to $20,000.
Scott Minerd, Guggenheimโs chief investment officer, believes that Bitcoin will not hit another all-time high in 2021, according to a Jan. 21 episode of CNBC’s Closing Bell.
After hitting $42,000 price level on Jan. 8, Bitcoin is unlikely to climb any higher until 2022, Minerd said:
โI think for the time being, we probably put in the top for bitcoin for the next year or so. And we’re likely to see a full retracement back toward the 20,000 level.โ
Despite Minerdโs bearish short-term Bitcoin prediction, the CIO apparently still maintains a stance that one bitcoin will be worth as much as $400,000 one day. In late 2020, when Bitcoin was on its way to cross its new ATHs, the CIO called for a $400,000 long-term price target for Bitcoin. He subsequently went bearish on BTC in the short term, claiming that “Bitcoin’s parabolic rise is unsustainable in the near term” on Jan. 10.
Some in the crypto community have gotten mixed signals from Minerdโs varying predictions.
Guggenheim Partners moved into the crypto industry in late 2020 after the company filed an application with the United States Securities and Exchange Commission to โseek investment exposure to Bitcoin through Grayscaleโs Bitcoin Trust product.
Minerdโs bearish Bitcoin prediction comes amid another negative Bitcoin correction, with BTC dipping below $34,000 on Jan. 20. As Cointelegraph reported, the selling pressure on Bitcoin mostly came from Asia in the first two weeks of January, while the United States market also started to see weakness amid a correction on Jan. 19.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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