As inflation concerns intensify, BlackRock, a leading asset management firm, is turning its attention to Bitcoin as a potential hedge. This move comes after revelations that an economist from the Bureau of Labor Statistics (BLS) allegedly disclosed confidential inflation data to leading Wall Street firms, BlackRock included.

Bloomberg’s report based on the acquired documents reveals that a Bureau of Labor Statistics (BLS) economist frequently shared detailed U.S. inflation data, specifically targeting the shelter and used cars sectors of the Consumer Price Index (CPI). These communications were directed at a select group he termed “super users.”

The uncovering of these communications has led to investigations assessing their influence on asset trading and Federal Reserve policies. Emily Liddel, BLS Associate Commissioner for Publications and Special Studies, responded by reaffirming the agency’s dedication to fairness.

Following these revelations, BlackRock has actively adopted a bullish position on Bitcoin. The cryptocurrency’s limited supply and decentralized nature make it an attractive option as a hedge against inflation.

In light of the International Monetary Fund’s recent warnings about US fiscal deficits inflaming inflation and creating global risks, BlackRock’s strategy focusing on Bitcoin gains additional significance. Larry Fink, CEO of BlackRock, has recently expressed a positive view of Bitcoin, further emphasizing its strategic importance.

This positive outlook can be seen in the performance of BlackRock’s iShares Bitcoin Trust (IBIT), which has gathered over $15.3 billion, establishing it as the fastest-growing Bitcoin ETF.