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BlackRock Buys $55,500,000,000 Worth of Bitcoin As BTC Price Holds Steady

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 $55.5 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.”

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