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Cryptos rally on very old BlackRock news

Financial News reports story that has been around for year; crypto enthusiasts use it as excuse to buy more

BlackRock

This is what the BlackRock logo looks like to people who use magnifying glasses to look at their computer monitors (via Shutterstock)

Bitcoin and other cryptocurrencies rallied more that 5 percent on Monday but it was off of very old news.

Earlier in the day, Dow Jones’ Financial News reported on the existence of a working group at the $6.3 trillion asset manager, titling the piece, “BlackRock begins exploration of bitcoin”. That was followed by a Reuters interview with CEO Larry Fink saying the company was “evaluating cryptocurrencies.”

However, none of this is actual new.

That’s because BlackRock’s Blockchain Labs has been around for a few years. On YouTube, one can even view a presentation by George Kouzmov, a member of the working group, talk for a full hour to a London Meetup about what they’re up to. That video, which has thus far garnered a paltry 2,239 views, was done in 2016:

The crypto community was excited because BlackRock is also the parent company of iShares, the ETF giant with over $1 trillion in assets under management. Yet as Fink told Reuters, he doesn’t see a huge demand for cryptos at the moment.

Lawrence Lewitinn, CFA is editor in chief of Modern Consensus. Disclosure: Lewitinn owns no cryptocurrencies in his portfolio.