. Those clients, which include big money players like insurance companies, pension funds and high-net worth individuals, are interested in protecting their money as we enter a period where the perpetual equities bull market might finally come to an abrupt halt as the macro environment deteriorates.
And as conversations about protecting money have come up, surely gold has been discussed given its history. Evidently, so has bitcoin. This idea that bitcoin could act as an inflation hedge with absolute, provable scarcity has been pounded into the heads of people as a possibility by bitcoin acolytes.
And so too has the need to protect against geopolitical risk come to the forefront with war raging in Ukraine. Neutral bitcoin could potentially help there as well. As such, enough clients have mentioned bitcoin to get BlackRock to take it seriously. The client is always right, and since clients seemingly want bitcoin, who is BlackRock or Larry Fink to deny the client? It didn’t become a $10 trillion asset manager by not listening to them.
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