BlackRock on Track to Acquire 400,000 Bitcoin, Including Recent 1546 Bitcoin Purchase, Highlights 45% Increase

Oct 7, 2024, 08:57 PM

BlackRock is significantly increasing its involvement in Bitcoin and other cryptocurrencies. The investment management giant is on track to acquire 400,000 Bitcoin in its first year of active purchases, including a recent acquisition of 1546 Bitcoin. Larry Fink, BlackRock's CEO, and other executives frequently discuss Bitcoin in their media appearances and presentations. BlackRock's Head of Active ETFs highlighted that the adoption of Bitcoin and other cryptocurrencies is outpacing other major technologies, such as the internet and mobile phones. This rapid adoption is attributed to Millennials and Gen Z, who are more inclined to adopt digital currencies due to their familiarity with digital environments and the substantial wealth they are set to inherit. Additionally, Bitcoin has seen a 45% increase since JPMorgan CEO Jamie Dimon advised against involvement in mid-January.