BlackRock to add bitcoin as eligible investment

bitcoin

In a bid to bring the world of cryptocurrency to its clients,
BlackRock Inc is adding bitcoin futures as an eligible investment to two funds.

BlackRock said it could use bitcoin derivatives for BlackRock Strategic Income Opportunities and BlackRock Global Allocation Fund Inc.

In a filing to the Securities and Exchange Commission, BlackRock said the funds will invest only in cash-settled bitcoin futures traded on commodity exchanges registered with the Commodity Futures Trading Commission.

Chief Executive Officer Larry Fink had said at the Council of Foreign Relations in December that bitcoin is seeing big giant moves every day and could possibly evolve into a global market.

Earlier this month, Bitcoin, the world’s most popular cryptocurrency, hit a record high of $40,000, rallying more than 900% from a low in March and having only just breached $20,000 in mid-December.

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