If there’s one catalyst that early cryptocurrency adopters have been waiting for, it’s a clear sign that traditional and institutional money throws their moola into the crypto space.
When you take things one day, one week, or one month at a time, it is hard to forget that there has already been many traditional big money players in the space. But none so big as this behemoth:
You don’t get much bigger than BlackRock when it comes to ‘institutional’ and ‘traditional’.
BlackRock is launching a spot – yes, a spot – private Bitcoin trust for its institutional investors, with Coinbase ($COIN) as a partner.
“Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities…” – company statement.
How I interpret that statement is like this, “Our clients are sick of seeing the massive gainz made by amateurs and want in, and they’ve been bothering us about it for a long ass time, and now there’s too many of them that want in, so we’re gonna do it.”
So if you were looking for another signal that traditional money is moving into the crypto space, here it is.