Cathie Wood Says BlackRock's Entry Into Crypto Has Promising Prospects For Bitcoin 

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Cathie Wood the founder of ARK investment says that the entrance of BlackWood into the cryptocurrency space has a promising prospect for Bitcoin. Coinbase had earlier announced that it had entered operations with BlackRock. BlackRock is the biggest investment management company in the world. BlackRock has about 10 trillion USD assets under its management. Cathie Wood said that her company had done a study on institutions moving into the crypto space. She said that she discovered that if they will do well, in the crypto space and minimize volatility they would have to stake 2.5% of their portfolio. She stated that if one applies that 2.5% to BlackRock’s Multitrillion asset that is under his control, that will be a lot of money. This makes it much more comfortable to manage the market volatility and this will also double the demand for Bitcoin. And This will in turn raise the value of Bitcoin.

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At the present, bitcoin is trading for approximately $24,000. Bitcoin is number one on the coin market cap. This means that Bitcoin is likely to benefit more from the entrance of BlackRock investment management company into the crypto space. In general, this will positively benefit some crypto platform.

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