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BlackRock, the world’s largest asset manager with over $9 trillion in assets under management, is making significant moves in the cryptocurrency space. The company has filed with the SEC to launch a tokenized private equity fund in partnership with Securitize, a digital asset tokenization company. The token launched on Ethereum, called BlackRock USD Institutional Digital Liquidity Fund (BUIDL), requires a minimum investment of $100,000 from outside investors and has estimated sales commissions set at $525,000. BUIDL has a cap of just 100 coins and only one holder. The launch of BUIDL has triggered discussions about its possible emphasis on real-world assets (RWAs), a key area of Ondo Finance’s expertise. This development led to increased speculation, resulting in a 20% surge in the price of ONDO.
Coinbase has revealed its partnership with BlackRock in providing support for BUIDL. Coinbase will serve as a key infrastructure provider, reflecting its commitment to connecting institutions to the crypto space and demonstrating its ability to offer the necessary technology . This collaboration expands on the existing relationship between the two companies, which began in 2022 when BlackRock tapped Coinbase to provide its institutional clients with access to bitcoin.
We are excited to announce that Coinbase has been chosen as a key infrastructure provider for @BlackRock and @Securitize Tokenized Investment Fund.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) March 20, 2024
The launch of this fund comes as bitcoin and other major cryptocurrencies have experienced a surge in price. Bitcoin recently reached its all-time high of around $70,000, pushing the prices of Ethereum, XRP, and altcoins higher. This surge has been attributed to growing fears of a U.S. dollar “death spiral” as the Federal Reserve prints $1 trillion every 100 days. The bitcoin price has rocketed 350% since crashing to recent lows of $15,000 in late 2022, with traders setting massive new bitcoin price targets.
In addition to BlackRock’s moves, there have been other significant developments in the crypto space. China and Russia have teamed up to create a payment system based on blockchain technology, which some economists warn could be very dangerous for American hegemony. Kremlin aide Yury Ushakov emphasized to Russia’s Tass news agency: “We believe that creating an independent BRICS payment system is an important goal for the future, which would be based on state-of-the-art tools such as digital technologies and blockchain.” This move is part of a larger trend of countries looking to reduce their reliance on the U.S. dollar. Former U.S. president and Republican front runner Donald Trump has also suddenly changed his tune on bitcoin, calling it an “additional form of currency” after previously criticizing it.
Meanwhile, the Biden administration has been accused of trying to destroy crypto in the U.S. The administration has reintroduced a controversial proposal for a 30% tax on bitcoin and crypto miners that secure crypto networks and verify transactions. This digital asset mining energy tax (Dame) could force miners to flee the country, as they did from China when it cracked down on miners in 2021.
Despite these challenges, many experts remain bullish on the future of bitcoin and other cryptocurrencies. Some predict that the bitcoin price could reach $100,000 or even $200,000 to $300,000 in the coming years, particularly as the upcoming bitcoin halving event approaches. Venture capitalist and early bitcoin investor Chamath Palihapitiya believes that bitcoin is at a “tipping point” and could open the floodgates for Ethereum, XRP, and crypto exchange-traded funds (ETFs).
BlackRock’s move into tokenized funds represents a significant move towards crypto adoption. As more institutional investors enter the market and countries explore alternatives to the U.S. dollar, the future of cryptocurrencies looks increasingly bright, despite ongoing regulatory challenges. With the potential for a $5 trillion earthquake in the financial markets, the rise of bitcoin and other cryptocurrencies could be just the beginning of a larger revolution in the way we think about money and value.
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