Related: Coinbase Could Add 5 More Cryptos

The number of cryptocurrency hedge funds has grown exponentially over the past few years and BlackRock rivals, such as Fidelity and Goldman Sachs, have waded into the digital currency space. BlackRock has been considering blockchain technologies and related investments for several years, Financial News reports, citing a company spokesperson.

“A recent university study has endorsed Bitcoin as the next level in the evolution of money. Researchers at Imperial College London believe that cryptocurrencies are poised for mass adoption. The study which was sponsored by eToro examined the barriers to trust and mainstream adoption currently being faced by the emerging cryptocurrency movement,” reports Ethereum World News.

One of the biggest problems facing the cryptocurrency space is that, even with bitcoin’s prominence, no digital currencies can be deemed “widely accepted.”

For more information on the cryptocurrency market, visit our Bitcoin category.