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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

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.

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