BlackRock, an American multinational investment management company has reportedly added bitcoin (BTC), the world’s largest digital currency by market capitalisation, to its Global Allocation Fund (GAF) for passive investors.

With an astonishing $10 trillion in Assets Under Management (AUM) by January 2023, the decision of BlackRock to add BTC to its funds is considered a very optimistic move for the crypto industry.

Bitcoin since its formation fourteen years ago has enjoyed a remarkable journey and is now attracting the attention of major reputable institutional investors.

The surge in Wall Street interest can be attributed to MicroStrategy Incorporated, which owns more than 132,500 bitcoin units. BlackRock has taken the required steps to ensure a foothold in this new asset class and sector.

BlackRock partnered with Coinbase Global Inc. last August to provide institutional investors with a secure route to invest in bitcoin. The foundation took a few additional steps and formed the Bitcoin Private Trust (BPT) after partnering with Coinbase Global Inc.

Nonetheless, the trust was clearly built for its elite group of clients, who have high expectations from their investments.

By integrating bitcoin into its Global Allocation Fund, BlackRock holds a great chance of revolutionizing the market. With its current assets, the firm only needs 0.32 percent to acquire every bitcoin available on exchanges.

This could be an unprecedented opportunity for BlackRock and a major disruption to traditional investment strategies.

‘Wolf of Alts Street’, Cryptocurrency analyst, currently disclosed that, an estimated sum of 1.85 million bitcoins were currently held on Centralized Exchanges (CEXs), with a total value of approximately $31.1 billion, leading to BTC’s current price of approximately $16K.

Through ‘Wolf of Alts Street’s’ evaluation report, it was concluded that the figure was 0.32% of the entire ten trillion held by BlackRock, which is approximately $32 billion.

According to the report, Black Rock stands the chance of scooping up all the Bitcoins on the market. It as well estimated that, only 0.32% of their investment fund is enough to buy all Bitcoin kept on exchanges.

An Optimistic Future Outlook Of BitCoin

The Bitcoin Industry is finally finding a spark of hope and confident after a long crypto winter especially in relation to BlackRock’s announcement to add bitcoin to its Global Allocation Fund.

Also, BlackRock’s decision could be one of the most buoyant events the cryptocurrency market has seen in recent years and a significant milestone for this booming sector.

BlackRock’s investments in bitcoin will be deliberate and calculated, but they are sure to have an immense impact on the rise of the coin’s price.

In the coming months, various predictions have indicated that, trillions of dollars will be injected into the market as other major investment firms join BlackRock in their bullish outlook on Bitcoin.

Furthermore, this could be a catalyst for BTC to skyrocket, with an indirect beneficial effect spilling over to altcoins, which are alternative cryptocurrencies to Bitcoin.