Tag: bitcoin activity

$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

Glowing dark background with bitcoin symbol.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.

Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.

BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.

Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.

“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.

Big Number

$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.

Key Background

A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.

Further Reading

BlackRock’s Rick Rieder says the world’s largest asset manager has ‘started to dabble’ in bitcoin (CNBC)

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

By: Sarah HansenSarah Hansen Forbes Staff

 

 

Source: $8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

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Bitcoin Developer Activity Hits All-Time High Ahead of Halving

In the weeks leading up to Bitcoin’s halving, developers have committed more code to the cryptocurrency than ever before, according to available data.

In April of this year, Bitcoin Core had a total of 510 commits, more than in any other month since BTC was launched. A commit means code is uploaded to GitHub, a popular website for hosting open-source coding projects. Bitcoin Core’s code is hosted there.

Only a few other months in the flagship cryptocurrency’s history have come close to 500 commits. These were April 2018, and October and November 2019. Bitcoin Core, it’s worth noting, it’s the most common software used to run the Bitcoin blockchain. It was originally published by Bitcoin creator Satoshi Nakamoto.

bitcoin commits over time

Most experienced developers can contribute to the Bitcoin Core cod, and data from GitGitLog shows that over the cryptocurrency’s 10-year history 830 developers have contributed. There are currently, however, 56 active developers.

Bitcoin Core’s development is partly funded by the MIT’s Digital Currency Initiative and by some companies in the sector that fund full-time developers. These include BitMEX, Square crypto, OKCoin, Bitfinex, Chaincode Labs, and others.

It’s unclear why the number of commits hit a new all-time high ahead last month, although on Reddit users have speculated either programmers are “lacking distractions” because of the coronavirus-induced lockdowns, or developers are working on the code ahead of the halving.

One Redditor pointed out most of the commits were fixing tools that make it easier to test, and “tidying up sections of code that are a little messy or inefficient.”

By: Francisco Memoria

Featured image via Pixabay.

Source: CryptoGlobe

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