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BlackRock CEO Larry Fink said Monday that the world's largest asset manager had convened a working group to analyze blockchain technology and cryptocurrencies, such as Bitcoin, but what about did not see massive investors. "We are big blockchain students," Fink said in an interview with Reuters, adding that he does not see "a high demand for cryptocurrencies," the company has a working group that is studying it.
Any initiative to invest in cryptocurrencies or Blockchain use by BlackRock would mark a turning point for the company and an important institutional backing for insurgent technology. As of June 30, the company was managing $ 6.3 trillion in assets.
"BlackRock is exploring encryption assets, it's no surprise and it's certainly a positive development for the encryption market," said Chris Yoo, Portfolio Manager at Black Square Capital Management LLC, a hedge fund focused on the cryptographic space.
Catalyst
"As the world's largest asset manager, his interest in cryptographic assets would be a catalyst for higher prices and would encourage other asset managers. even with more conservative strategies, to invest in the cryptographic space. "
Bitcoin traded 4.83% more at $ 6.656 in trading Bitstamp, its best performance in more than two weeks , after an initial report describing the working group appeared on the Financial News website Sunday evening.
It is still far from the historical peak of bitcoin, close to $ 20,000 by the end of 2017. [19659002] Last November, in an interview With Reuters, Fink specifically described Bitcoin as a "speculative" investment that thrives on the anonymity of cryptocurrency, while he showed an optimistic tone in the blockchain, the technology used To make bitcoins work, Fink noted the association of digital currency with money laundering.
Some asset managers have been quicker to support the potential role of digital currencies.
Fidelity Investments, one of BlackRock's major competitors in the field of fund management, has extensively experimented with this technology
A Bad Quarterly Report Drops the Stock of BlackRock
BlackRock, the Most large asset manager. The world announced Monday a drop in demand for its funds, investors fled the risk, eclipsing the quarterly profits better than expected, and their shares fell.
The company experienced difficulties during the quarter, including a deceleration of the industry in demand for its most sought-after products, ETFs, which follow the markets. BlackRock's iShares ETFs gained $ 17.8 billion in the quarter, down from $ 34.6 billion in the first quarter. "Overall, we have seen weaker flows in the last quarter due to investor risk and investors' risk appetite. "He added that the growth of the company" is going to have ups and downs, and that's one of the lows, "but added that investors" have the opportunity to do business ". ; adhere.
BlackRock shares fell to 1.8% before recovering in New York with a 0.58% drop to $ 503.96.
Even with slower growth than usual demand for funds, which are relatively inexpensive to manage as they increase in size, revenues have grown by more than 10% to 900 millions of dollars.
Net income attributable to the company increased to $ 1,007 million in the second quarter, more than 25%, as a lower but still positive demand for index funds helped to increase margins and the company was able to increase its net income. is installed at a lower tax rate.
Earnings after certain expenses, including employee salaries, increased by 16.4% to $ 1400 million during the quarter compared to the same period of 2017.
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