Managed $11.5 trillion in assets, the world's largest asset management company BlackRock has taken an important step in embracing cryptocurrencies, with the company recently launching a 3-minute educational video to introduce Bit.
Praise Bit as a new global currency alternative
The BlackRock video introduces that throughout history, humans have used various items for trading and storing value, from shells, metals to banknotes, because the value lies not only in the item itself, but also in the consensus of humans on the represented value, so the item can be many things, even a string of digital codes.
The video states that Bit was thus born, which is a digital currency not controlled by banks or governments, maintained by its global user community, with Bit transactions directly between people, and transactions are almost instantly completed, with almost zero transaction costs. The total supply of Bit is fixed at 21 million, this rigid rule controls the supply and purchasing power, and helps avoid the inflation that excessive printing may cause.
BlackRock emphasizes that Bit is no longer the radical concept it was 15 years ago, as now over 500 million people use cryptocurrencies globally, with more than half holding or investing in Bit. Some use Bit for cross-border transfers and shopping, while others see Bit as an investment due to its limited supply and uniqueness compared to other financial assets.
The video finally states that for people in some countries, the value of Bit is more profound, as it provides greater financial autonomy and can serve as an alternative to local currencies. Bit is gradually becoming a new global currency alternative. How far its adoption will develop remains to be seen.
BlackRock's Bit ETF size has exceeded its Gold ETF
Previously, the size of BlackRock's Bit spot ETF has exceeded its holdings of Gold ETF, currently reaching $57.6 billion. BlackRock also expressed optimism about the prospect of Bit last month, indicating that Trump's victory in the 2024 US presidential election could bring a "new optimism" to Bit's strategic reserve, or usher in a new era of clear regulation of US asset classes.
BlackRock pointed out that over the past two years, the US regulation of the cryptocurrency industry has not been clear. The "enforcement alternative regulation" approach taken by the US Securities and Exchange Commission (SEC) has led to a large number of lawsuits, but this situation may change with Trump's return to the White House.
