The world’s richest people have big plans for Bitcoin and crypto, according to widely-followed analyst Tyler Swope.
In a new video, the host of Chico Crypto takes a look at BlackRock, by far the world’s largest asset manager with $8.76 trillion in assets under management and their recent moves into the crypto industry.
According to Swope, BlackRock’s embrace of the crypto space is a sign that big things may be coming to the markets.
“Why must this bull run go on? Well, there is a BTC wave fueled by some of the richest people in the world and some of the most powerful positions from people managing the most money worldwide. Trillions to those making decisions on the delicate global stage.”
The analyst takes note of comments from BlackRock’s chief investment officer Rick Rieder, who revealed that the financial giant had been “dabbling” in Bitcoin and that BTC had evolved to a point where it was becoming an acceptable part of one’s portfolio.
Swope also mentions the fact that multiple BlackRock executives, including sustainable investment lead Brian Deese and senior investment advisor Wally Adeyemo, have been given key positions in the Biden Administration to influence economic policy.
The popular crypto YouTuber adds that BlackRock has gotten heavily involved with the Bitcoin mining industry, integrating it with the company’s agenda to “be the global leader in sustainable investing,” in the words of Mark Weidman, the investment giant’s head of corporate strategy.
According to Swope, BlackRock could be taking advantage of the emerging conversation around sustainable Bitcoin mining by utilizing its partial control over Marathon Digital Holdings, the biggest US Bitcoin mining company and a member of Michael Saylor’s Bitcoin Mining Council.
“So with BlackRock, you can see the narrative forming: sustainability on one hand and Bitcoin and cryptocurrency in the other. Although their BTC mining play with Marathon shows these two hands are colliding, and this ties into their upcoming hashing power boost with the new mining machines, moving their machines into Texas to be powered by renewable technology which would put their operations 70% carbon neutral when it goes live.”
Swope posits that based on everything BlackRock has been doing to get involved with the crypto industry, there may be something they know, that everyone else doesn’t.
“They aren’t just stopping with Bitcoin futures trading, markets and mining. They’re going all-in with the digital assets… These moves. These hires. This planning. It’s obvious to me they are moving and moving quickly. I wonder why. Do they know something we don’t?”
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Featured Image: Shutterstock/Tithi Luadthong