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Bitcoin climbs as big-name investors start taking an interest

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Bitcoin 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 percent to $6,371 as of 9:48 a.m. in London, according to composite prices on Bloomberg. Rival coins Ripple, Ethereum and Litecoin all climbed at least 2 percent. Bitcoin hasn’t notched a one-day gain of at least 2 percent since July 2.

BlackRock Inc. 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. — Bloomberg

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