BlackRock applied to launch a bitcoin fund. Then came the conspiracy theories.
But even as crypto enthusiasts found advocates internally, people left. There was a"line in BlackRock to do the fun work" of working on digital assets or blockchain research full time, another former employee said.
BlackRock is now working on its partnerships with Coinbase and Circle and focusing on the four parts of its crypto strategy: stablecoins, tokenization, permissioned blockchains, and crypto assets. The price of bitcoin has rallied near its highest level of 2023 in the days since BlackRock filed its application, eclipsing $30,000 on Wednesday. Potential implications for the wider digital assets ecosystem aside, it's worth examining other reactions to the application.
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