- Bitcoin advocate Willy Woo has suggested that a chunk of the $9.5 trillion in assets under management by BlackRock will find its way into Bitcoin and other cryptos.
- After launching a Bitcoin ETF and an Ether ETF, BlackRock has recently launched its tokenization fund with plans to tokenize assets on public blockchains.
BlackRock, the world’s largest asset manager, with nearly $10 trillion in assets under management, has become a major driving force in the crypto market and the adoption of blockchain technology. As CNF reported, the asset manager became the first financial institution to offer a Bitcoin spot ETF. The success of its ETF has been undeniable, as it attracted billions of dollars in a few weeks.
Additionally, BlackRock has filed for an ether spot ETF, which is still under consideration with the U.S. SEC. ETF experts remain fairly confident that the applications will be approved. Topping up its involvement in the industry, BlackRock has launched the BUIDL Fund on Ethereum, its first tokenized fund on a public blockchain, fully collateralized by cash and US Treasury bonds, with customers earning USD yields.
As CNF reported, the BlackRock USD Institutional Digital Liquidity Fund, or BUIDL, will be available only to qualified investors who will earn US dollars for subscribing to the fund. Issued on the Ethereum blockchain, it enables investors to trade ownership on a transparent and public network. The blockchain will offer investors instant settlement and allow for fast transfers across platforms.
In the latest revelation, Bitcoin expert Willy Woo has speculated that the nearly $10 trillion under management will transition into Bitcoin and other crypto assets. The analyst pointed to the great wealth transfer. As CNF highlighted, baby boomers are poised to pass down $90 trillion to millennials, heralding the wealthiest generation in history. The “Great Wealth Transfer” is expected to significantly boost Bitcoin adoption, with a potential $1 trillion influx from just 1% of this wealth.
The boomers will bequeath the largest inheritance in the history of the world to millennials or younger. And they trust #Bitcoin and love crypto.
Blackrock’s $9.5 trillion AUM would leak to digital assets if they didn’t do something.
— Willy Woo (@woonomic) March 27, 2024
Bitcoin has a history of leading the market, with most investors preferring it for its relatively stable price movement, large capitalization, large adoption, and regulatory clarity. Bitcoin is likely to take up the largest share of the investment, with other large caps such as Ethereum, Solana, XRP, and Cardano also leading the investment wave.
It is important to note that this transfer will not happen overnight but will be a gradual process over the years. This will be reflected in the mass adoption of the technology and the rapid growth of the token’s price.
At the time of writing, BTC is trading at $70,200 after a marginal drop of 1%. The world’s largest token is still in the green, posting gains of nearly 10% in the last 7 days. Investors are still optimistic about retesting the $75,000 all-time high reached a few weeks ago and remain confident of hitting the much-desired $100,000 target by the end of the year.
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