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Highlights
- BlackRock's Global Co-Head of Bond ETFs Steve Laipply in an interview with Yahoo Finance suggested wider markets to to ditch cash for fixed income sources.
- Interestingly Laipply 's remarks could also give a hint to the wider market about getting into fixed crypto assets.
- Blackrock's advice on fixed income comes at a time when the financial giant is minting heavily on Bitcoin ETFs.
BlackRock’s Global Co-Head of Bond ETFs Steve Laipply in an interview with Yahoo Finance suggested wider markets to to ditch cash for fixed income sources. Interestingly Laipply ‘s remarks could also give a hint to the wider market about getting into fixed crypto assets. Interest-bearing cryptocurrency accounts allow holders to earn fixed interest on their idle digital assets.
Consider this as depositing money into a bank account that pays interest. The sole distinction is that this service solely accepts cryptocurrency deposits.
Blackrock Strategist Prefers Fixed Income Over Cash
Laipply gives investors advice on the fixed-income market, advising them “to start moving out of cash and back into fixed income.” Although he concedes that investors have withdrawn from the asset class due to the recent Fed tightening cycle, he highlights that it will be “impossible for investors to time rate cuts,” implying that now is the right moment to reallocate to fixed income progressively.
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Blackrock Bitcoin ETF Poised to Be Largest
Blackrock’s advice on fixed income comes at a time when the financial giant is minting heavily on Bitcoin ETFs. As per Bloomberg, BlackRock’s iShares Bitcoin Trust (IBIT) now has a $2 billion advantage over Grayscale, making it possible for BlackRock to overtake Grayscale as the biggest Bitcoin fund worldwide.
That follows a 68-day run of nearly $16 billion in value losses for GBTC, bringing the ETF’s assets down to $19.4 billion. After 68 days of continuous money absorption, IBIT’s total assets have risen to approximately $17.3 billion.
Of all the Bitcoin ETFs the SEC has authorized, Blackrock has continuously proven to be the most successful. With 239,252 bitcoins held overall, the BlackRock iShares Bitcoin ETF (IBIT) has swiftly overtaken MicroStrategy, a significant player in the cryptocurrency investment market. This milestone is particularly significant given the short existence of IBIT and its advantages for the cryptocurrency community.
IBIT’s rapid acquisition of Bitcoin signals a dramatic shift in the institutional Bitcoin investment landscape. It challenges MicroStrategy’s previous dominance and emphasizes the growing interest and involvement of institutional investors in the Bitcoin market. The scenario noted above suggests that Bitcoin and other digital assets are increasingly being accepted by institutions as legitimate financial instruments.
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