Posted on Jan 5, 2021 at 7:00 am Updated Jan 5, 2021 at 8:04 am
BlackRock will soon have a blockchain Mister or Madam. The news, which came from a job posting on the world’s leading wealth manager’s website, has spread like wildfire among supporters of the technology behind cryptocurrencies in recent days. It’s also timely, as Bitcoin, the main digital currency, crossed the $ 30,000 mark for the first time in its history this weekend and even topped $ 34,000 for a few hours. A short-lived record: the virtual currency lost up to 17% of its value on Monday.
In any case, BlackRock’s interest in the subject feeds the “Bitcoin mania”. The price of the main crypto rose 50% in the last month. In early December, BlackRock CEO Larry Fink broke his usual caution by stating that « a digital currency makes the dollar less relevant ». In the past, he had distinguished himself by his very harsh comments on Bitcoin, which he called the « money laundering index ». While they continue to warn about the « speculative » nature of cryptocurrencies, their radical change in tone seems to legitimize their possible role as an alternative asset class to central bank currencies.