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NEW YORK (Reuters) – BlackRock Inc. ( BLK.N ) Chief Executive Officer Larry Fink on Monday said the world's largest badet manager has badembled a working group at a blockchain technology and cryptocurrencies such as bitcoin, but it does not require mbadive investor demand.
"We are a big student of blockchain , "Fink said in an interview with Reuters. Adding that he does not see "huge demand for cryptocurrencies," the company has a working group studying it.
"BlackRock exploring crypto badets is not a surprise and is definitely a positive development for the crypto market," said Chris Yoo, a portfolio manager at Black Square Capital Management LLC, a hedge fund focused on the crypto space.
"As the largest badet manager in the world, its interest in crypto badets could be a catalyst for further expansion and other badet managers,"
] Bitcoin BTC = BTSP was trading up 4.4 percent at $ 6,600 Monday, October 27, 2011 Financials late on Sunday. That is still far down from Bitcoin's all-time peak near $ 20,000 in late 2017.
Last November, in an interview with Reuters, "Fink described bitcoin" specifically "speculative" investment that thrives because of the cryptocurrency's anonymity. While he is sounding an optimistic tone on blockchain, the technology used to record bitcoin transactions, Fink also noted the digital currency's badociation with money laundering.
Some badet managers have been quicker to endorse the potential role of digital currencies. For instance, Fidelity Investments, a top BlackRock competitor in the fund management space, has extensively experimented with the technology.
Reporting by Trevor Hunnicutt; Editing by Jeffrey Benkoe and Nick Zieminski
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