🤢 BlackRock quietly pumps Bitcoin back up after mysterious crash

The cryptocurrency owes its jolt up to $92-93.5k after bottoming out at ~$84.2k late last month to BlackRock, the global vulture fund giant, which continued adding Bitcoins to its portfolio even as other exchange-traded funds sold them off.

🔴 From November 1-December 1, BlackRock added 24.4k BTC compared to the previous quarter, says analyst Paul Hoffman.

🔴 BlackRock’s Bitcoin investment vehicle iShares now collectively owns nearly 60% of all ETF-owned Bitcoins. That’s nearly 776.5k coins out of the estimated global total of ~20M.

🔴 BlackRock CEO Larry Fink, who once derided Bitcoin as a tool of money launderers and criminals, now backs the cryptocurrency to the hilt, saying he sees a “big, large use case” for it. “In my role, I see thousands of clients a year. I meet with governmental leaders, and we have conversations that evolve my thinking,” he explained this week.

🔴 Fink attributed Bitcoin’s bounce-back to sovereign wealth funds, who he said were “standing by” and “adding incrementally” to their portfolios. “You own it over years. This is not a trade. You own it for a purpose,” the billionaire said, referencing Bitcoin’s seismograph style tendency to swing wildly back and forth.

The scale and speed of Bitcoin’s sudden drop last month have fueled speculation of market manipulation targeting gullible institutional investors, with BlackRock named as one potential culprit.