Bitcoin rallies strongly as big-name investors pile in

Bitcoin is headed for its biggest increase in two weeks on Monday amid a steady drip of news reports suggesting some of the biggest names in investing are starting to embrace digital currencies.

The largest crypto coin advanced 3% to US$6 371 as of 9.48am in London, according to composite prices on Bloomberg. Rival coins ripple, ethereum and litecoin all climbed at least 2%. Bitcoin hasn’t notched a one-day gain of at least 2% since 2 July.

BlackRock has formed a team to look into ways the world’s largest asset manager can take advantage of the cryptocurrency market and blockchain, London’s Financial News reported. The company said afterward in a statement that its focus was largely on blockchain, the technology underlying bitcoin.

Last week, billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on cryptocurrencies and blockchain-based companies. In Europe, the owner of Switzerland’s securities exchange in Zurich said it’s creating a platform for trading digital assets.  — Reported by Todd White, with assistance from Edward Robinson, (c) 2018 Bloomberg LP