Posted 4 months ago | by @devadmin
As Bitcoin continues to take a dive into institutional finance, BlackRock chairman and CEO Larry Fink has become the latest Wall St veteran to notice and talk about the number one digital asset.
MarketWatch reports that Fink voiced his feelings about Bitcoin in a conversation with former Bank of England Gov. Mark Carney at the Council on Foreign Relations. Fink allegedly said that “Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets.”
Fink was further quoted declaring, “these big giant moves every day…it’s a thin market. Can it evolve into a global market? Possibly.”
Fink also expressed that “having a digital currency has a real impact on the U.S. dollar in that it makes it less relevant to foreign holders of the world’s primary reserve currency.”
BlackRock is seen as the world’s leading asset manager, with over $7 trillion in assets under management at the end of 2019 alone according to Market Watch. To put that into perspective for you if BlackRock were to allocate only 1% of its assets into Bitcoin that would be an estimated $74 billion flooding into the market.
BlackRock’s interest in Bitcoin follows a growing list of other Wall Street veterans and institutional firms becoming interested in the number one cryptocurrency comparing it to “digital gold,” to hedge against a devaluing dollar. Bitcoin has continued to see rapid growth this year and more recently made a new all-time high of $19,860 on some exchanges according to on-chain metrics, Bitboy Crypto reported.
Prior to its all-time-high BTC was struggling to break above $19,000, after a sell-off over the Thanksgiving holiday. Bitcoin’s all-time-high has followed a slight pullback which we seem to be recovering from now.
This year alone, since Bitcoin’s yearly low in March, Bitcoin has rallied more than 400%. This marks another milestone in Bitcoin’s impressive 2020 run which saw a dip of as much as 50% in March. Max Keiser has predicted that Bitcoin could surge as high as $1 million dollars due to a supply shock triggered by institutional investors.
Bitcoin is currently trading at [FIAT: $19,105.34] UP +0.1% in the last 24 hours according to Coingecko at the time of this report.