BPOI Banner
BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target

BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target


Este artículo también está disponible en español.

BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies.

Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe aligns with BlackRock’s outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle. 

BlackRock’s Involvement With Bitcoin

There’s no denying the fact that BlackRock’s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoin’s growing role as a legitimate asset class.

Related Reading

CEO of BlackRock, Larry Fink, who was once a proud Bitcoin skeptic, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. According to him, Bitcoin “is an asset class that protects you.”

In a similar statement, Blackrock noted that Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.” This comes amidst inflation concerns in economies all around the globe since the beginning of the year. 

The company’s perspective echoes the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, BTC will play a critical role in preserving wealth as its value continues to increase in the future. An example of such investors is Michaël van de Poppe, who is a staunch Bitcoin enthusiast. 

In reply to a social media post mentioning BlackRock’s comments, van de Poppe noted that Bitcoin’s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively.

What’s Next For BTC?

Although BTC is up by 3.89% in seven days, it continues to hover beneath $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently went on two days of inflows after weeks of consecutive outflows, recently registered another day of outflow. This could suggest a slowdown in a growing bullish sentiment among institutional investors. 

Related Reading

From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum. 

BTC price above $58,000 once more | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



Source link

Scott Matherson

https://www.newsbtc.com/news/bitcoin/blackrock-bitcoin-hedge-600000/

2024-09-13 20:30:19

bitcoin
Bitcoin (BTC) $ 67,912.20 1.79%
ethereum
Ethereum (ETH) $ 2,623.55 1.71%
tether
Tether (USDT) $ 1.00 0.14%
bnb
BNB (BNB) $ 605.10 2.29%
solana
Solana (SOL) $ 154.57 0.40%
usd-coin
USDC (USDC) $ 1.00 0.02%
xrp
XRP (XRP) $ 0.553261 2.40%
staked-ether
Lido Staked Ether (STETH) $ 2,621.71 1.60%
dogecoin
Dogecoin (DOGE) $ 0.128906 13.61%
tron
TRON (TRX) $ 0.159868 0.83%
the-open-network
Toncoin (TON) $ 5.25 1.47%
cardano
Cardano (ADA) $ 0.354966 0.10%
avalanche-2
Avalanche (AVAX) $ 27.80 0.70%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 5.25%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,095.04 1.34%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 67,722.14 1.66%
weth
WETH (WETH) $ 2,620.97 1.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 366.66 3.82%
chainlink
Chainlink (LINK) $ 11.22 0.17%
polkadot
Polkadot (DOT) $ 4.32 0.68%
near
NEAR Protocol (NEAR) $ 4.97 0.13%
dai
Dai (DAI) $ 1.00 0.02%
uniswap
Uniswap (UNI) $ 7.67 0.57%
sui
Sui (SUI) $ 2.07 2.28%
leo-token
LEO Token (LEO) $ 6.09 0.23%
litecoin
Litecoin (LTC) $ 70.47 1.93%
aptos
Aptos (APT) $ 9.91 3.83%
pepe
Pepe (PEPE) $ 0.00001 2.74%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,751.92 1.45%
bittensor
Bittensor (TAO) $ 581.64 1.98%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.44 0.99%
internet-computer
Internet Computer (ICP) $ 7.92 0.42%
kaspa
Kaspa (KAS) $ 0.131786 0.83%
monero
Monero (XMR) $ 157.80 3.04%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.66%
ethereum-classic
Ethereum Classic (ETC) $ 19.44 1.92%
stellar
Stellar (XLM) $ 0.095639 3.54%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.370323 1.07%
blockstack
Stacks (STX) $ 1.85 4.17%
dogwifcoin
dogwifhat (WIF) $ 2.63 1.11%
immutable-x
Immutable (IMX) $ 1.53 2.00%
okb
OKB (OKB) $ 41.20 0.75%
ethena-usde
Ethena USDe (USDE) $ 0.999745 0.08%
whitebit
WhiteBIT Coin (WBT) $ 16.38 0.25%
aave
Aave (AAVE) $ 157.22 1.48%
filecoin
Filecoin (FIL) $ 3.77 1.36%
optimism
Optimism (OP) $ 1.73 1.14%
crypto-com-chain
Cronos (CRO) $ 0.07908 2.41%
render-token
Render (RENDER) $ 5.38 0.79%
mantle
Mantle (MNT) $ 0.624703 2.16%