BlackRock, a massive investment firm, just made a huge move in the crypto world. According to market intelligence firm Arkham, they purchased a whopping $2.5 billion worth of Bitcoin last week. This comes as Bitcoin’s price is nearing $100,000.
BlackRock’s Bitcoin Strategy
This massive purchase isn’t entirely surprising. BlackRock CEO Larry Fink recently hinted that Bitcoin could one day replace the US dollar as the world’s reserve currency. He pointed to the growing US national debt as a potential catalyst for this shift. Fink worries that the US could lose its economic dominance if it doesn’t get its debt under control.
Other Bitcoin News: Riot Platforms Sells
Meanwhile, not everyone is holding onto their Bitcoin. Arkham also reports that the publicly traded Bitcoin mining company Riot Platforms has been selling off some of its holdings. They sold 475 BTC in April and have made further transfers this month. This suggests some companies are taking profits while others are betting big on Bitcoin’s future.
Bitcoin’s Current Price
At the time of writing, Bitcoin is trading around $97,238.
Disclaimer: This information is for general knowledge only and is not financial advice. Investing in cryptocurrency is risky, so always do your own research before making any investment decisions.
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