BlackRock Adds Bitcoin to Allocation Fund

BlackRock, a world-renowned asset manager based in New York, has announced that it has also included Bitcoin in its global allocation fund.

Global Allocation Fund

BlackRock has achieved many successes as a well-known asset manager globally. With this bitcoin move by BlackRock, ordinary or passive income investors of BlackRock will now be able to earn Bitcoin. In addition, the fund includes equity, debt, and short-term securities issued by a corporate or government entity. The Global Allocation Fund will make these investments without any limits and plans to invest 70% of its total assets in securities. The Global Allocation Fund currently manages $15 trillion in assets.

Will Adding Bitcoin Contribute?

With the Bitcoin move, the BlackRock Global Allocation Fund is expected to grow further. The addition of Bitcoin could also elevate the adoption of the crypto industry by public. The Global Allocation Fund is generally recommended for white-collar employees who want to evaluate their money but do not have time for market monitoring. Looking at this, it seems particularly likely that white-collar employees will invest in Bitcoin, as well as other stocks and assets.

The fact that a major asset manager like BlackRock has added Bitcoin to such a global fund shows promise for the future of Bitcoin.  Vanguard’s chief investment officer Greg Davis said:

“Although we see merit in supporting the technology behind cryptocurrency, we feel it’s best to stick to the investing principles that have made Vanguard a reliable choice for investors. So when it comes to cryptocurrency, we take the same approach and steer our clients towards time-tested products.”

Despite the bumpy structure of the crypto market, it has been observed before that it provides long-term returns. The fact that the BlackRock Global Allocation Fund is also for long-term investments may affect Bitcoin purchases. In addition, the growing demand and interest in Bitcoin and other cryptocurrencies may be the reason behind the addition of Bitcoin to BlackRock’s global fund.

Reference

www.cryptonews.net