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 about the US dollar. In fact, Bloomberg reported that the Bureau of Labor Statistics (BLS) gave the asset management firm advance notice of March's inflation numbers.
Additionally, the development notes that BlackRock opted to use the digital asset as a hedge. This is an important series of events that informs how the $9 trillion asset management company perceives the cryptocurrency in relation to the dollar and its possible negative response to inflation numbers.
Over the past year, the global financial sector has undergone quite an interesting change. While the US dollar's position at the top of world currencies is secure, there have been notable diversification efforts. In addition, several central banks have sought to protect themselves from their impending failure, while seizing technological opportunities in digitized platforms.
Next, as the BRICS have 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, the data shows that the asset management firm was warned of rising inflation data, to which it accepted its bullish crypto stance.
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