Originally aired on June 15, 2023

BlackRock, a traditional finance company that owns roughly $8 trillion of assets globally, along with Bank of America and Fidelity, has publicly moved into the cryptocurrency space. This move raises concerns that traditional finance is seeking total control and may be behind the current crackdown on crypto asset providers in the United States. MicroStrategy, one of America’s largest Bitcoin holders, has ties to Bank of America, Fidelity, and BlackRock, indicating traditional finance’s involvement in the cryptocurrency industry.

Is Traditional Finance Behind the Crypto Crackdown?

• BlackRock, Bank of America, and Fidelity have publicly moved into the crypto space in Q1 2021.
• MicroStrategy, one of America’s largest Bitcoin holders, has ties to traditional finance, including Bank of America, Fidelity, and BlackRock.
• Bank of America increased its exposure to MicroStrategy stock by 47,800 in Q1, with a 2.37% stake in the stock.
• BlackRock has a 6% stake in MicroStrategy stock, worth over $156 million.
• Fidelity has a 1% stake in MicroStrategy stock and increased its exposure to 28,000% in Q1.
• These connections raise concerns that traditional finance may be behind the current crackdown on crypto asset providers in the United States.