New data from market intelligence firm Arkham reveals that asset management titan BlackRock purchased billions of dollars worth of Bitcoin (BTC) as the flagship crypto asset closes in on $100,000.
In a new thread on the social media platform X, Arkham says that BlackRock, which has over $11 trillion in assets under management, bought $2.5 billion worth of BTC last week.
-->In his annual letter to investors, BlackRock CEO Larry Fink suggests Bitcoin may one day become the world’s reserve currency, replacing the US dollar.
Says Fink,
“The US has benefited from the dollar serving as the world’s reserve currency for decades. But that’s not guaranteed to last forever. The national debt has grown at three times the pace of GDP since Times Square’s debt clock started ticking in 1989. This year, interest payments will surpass $952 billion – exceeding defense spending.
By 2030, mandatory government spending and debt service will consume all federal revenue, creating a permanent deficit. If the US doesn’t get its debt under control, if deficits keep ballooning, America risks losing that position to digital assets like Bitcoin.”
Meanwhile, Arkham notes that the publicly traded Bitcoin mining firm Riot Platforms is selling hundreds of BTC.
“Riot just reported that they sold 475 BTC in April for $38.8 million. During April, they moved exactly 475 BTC to NYDIG. [Monday], they just moved another $6.7 million BTC to NYDIG. Are they selling even more this month?”
Arkham data shows that the company’s portfolio now includes about 6,611 BTC, worth about $642 million at current prices.
At time of writing, Bitcoin is trading at $97,238.
