Crypto markets anticipate $10 trillion boost from world’s largest asset manager

Bitcoin (BTC) and other cryptos are having a pretty good run as a wave of strong positive news pushes BTC back up over $45,000. The recent surge came after Russia said it would accept the currency for its energy exports. Ethereum’s (ETH) price also continued to climb alongside BTC as enthusiasm build up ahead of a long-awaited upgrade.

But the biggest driver is a $10 trillion whale eyeing crypto’s oceans of profit.

Larry Fink, CEO of BlackRock, the world’s largest asset manager (around $10 trillion in assets under management), announced  his company is studying digital currencies due to growing client demand.

Fink said BlackRock is looking into digital currencies due to the potential they have to provide new opportunities for investors. He added that the firm has seen huge demand from clients who are interested in learning more about cryptocurrencies and their underlying technology — blockchain.

This news is significant because it shows even traditional financial firms are starting to take notice of the cryptocurrency market and its potential. With BlackRock now getting involved, it could lead to even more institutional money flowing into the space, which could help to further drive up prices.

A complete 180 on crypto

Just five years ago Fink called Bitcoin an “index of money laundering.” Last year, Fink told CNBC he doesn’t see much demand for crypto. Now, he’s predicting Putin’s invasion of Ukraine as a catalyst for mainstream crypto adoption.

What caused the change? 

It may be that Fink didn’t have a choice after Goldman Sachs became the first major U.S. bank to trade crypto over the counter. Wall Street leaders like Goldman Sachs, Morgan Stanley and Citi are pouring cash into crypto services. BlackRock is taking it a step further, however, and planning to let clients borrow from BlackRock by pledging crypto assets as collateral. 

As Wall Street begins to fully explore digital currencies, many expect the crypto market to soar as a result.