“The $6.3tn investment powerhouse has created a team from different parts of the business to investigate cryptocurrencies and their underlying infrastructure, blockchain, according to two people familiar with the matter,” reports Financial News.
The report did not say if BlackRock is considering a bitcoin or cryptocurrency exchange traded fund. BlackRock is the parent company of iShares, the world’s largest ETF issuer.
Recent speculation that approval for a bitcoin ETF could be nearing is also fueling the digital currency’s rise.
“The fact that the BTC price rally from the seven-month lows below $6,000 is accompanied by the sharp rise in the dominance rate indicates the bargain hunters are likely betting on further sustainable gains in BTC prices and are not buying BTC to venture into alternative cryptocurrencies,” according to Coin Desk.
For more information on the cryptocurrency market, visit our Bitcoin category.