To everyone’s delight, the price of Bitcoin increased by more than 5% on Monday following news that giant asset management company BlackRock is looking into cryptocurrencies and blockchain.

It was announced by the group that a team has been assembled to establish how the company can profit.

Bitcoin price reacts to BlackRock news

Monday morning the price of Bitcoin started climbing to reach $6 720 by the end of business. According to Coinmarketcap, various alternative coins followed and showed increases of anything from 1 – 40%.

Many experts believe that the price of Bitcoin might soar to $50 000 by the end of 2018 following an influx of institutional money.

More details on BlackRock emerges

BlackRock which is worth $6.3 Trillion will be looking into cryptos, blockchain technology and also the hidden foundation of cryptocurrencies. The task team has to answer one question – Should BlackRock put resources into Bitcoin Futures? That is the trillion-dollar question.

The news is unexpected following BlackRock CEO Laurence Fink referring to Bitcoin as a “record for illegal tax avoidance” earlier this year. However, upon confirming the news to the London Financial News, Fink said they are indeed a big student of blockchain. Regardless, he does not see a huge demand for cryptos.

However, last year both CBOE and the CME Group launched Bitcoin Futures products.

In other news

Kairos, a facial recognition company announced a new product that could potentially prevent crypto theft. The Kairos Protocol is a biometric verification system that will give only the rightful owner of a wallet access to their account. The system also includes voice recognition, fingerprint and iris scans. According to statistics more than 30 000 people were negatively affected last year by phishing scams.