BlackRock Uses Bitcoin as Inflation Hedge as USD Worries

With the BRICS bloc driving a global shift away from the greenback, BlackRock has recently opted to use Bitcoin as an inflation hedge amid concerns with the US dollar. Indeed, Bloomberg reported that the asset management firm was given advanced notice by the Bureau of Labor Statistics (BLS) regarding inflation figures for March.

Moreover, the development notes that BlackRock opted to utilize the digital asset as protection. This is an important series of events that assures how the $9 trillion asset management firm perceives the cryptocurrency concerning the dollar and its potential negative response to inflation figures.

Over the last year, the global finance sector has seen a rather interesting shift take place. Although the US dollar’s position atop global currencies is secure, there have been notable diversification efforts. Moreover, various Central Banks have sought to protect themself from its impending failure, while embracing technology opportunities in digitized platforms.

Subseuqnlety, as BRICS has led many of these efforts, BlackRock has been the latest prominent firm to use Bitcoin as an inflation hedge as the USD has worried many. Specifically, data shows that the asset management firm was warned of rising inflation data, to which it embraced its bullish crypto stance.