Summary
TLDR: BlackRock is shifting focus to Bitcoin as a hedge against inflation after receiving privileged inflation data from a BLS economist. The firm’s CEO, Larry Fink, is bullish on Bitcoin’s long-term viability. The iShares Bitcoin Trust (IBIT) has seen significant growth but recent inflows have slowed down, signaling a shift in investor preferences.
Key Points
1. BlackRock is shifting focus to Bitcoin as a hedge amid escalating inflation concerns.
2. BlackRock received privileged inflation data in advance from an economist at the Bureau of Labor Statistics, sparking investigations into potential impact on asset trading and Federal Reserve policies.
3. BlackRock’s CEO, Larry Fink, shared a positive outlook on Bitcoin, with the iShares Bitcoin Trust (IBIT) accumulating over $15.3 billion and marking it as the fastest-growing Bitcoin ETF.