Bitcoin Can Evolve To be a Global Market
BlackRock is one of the largest asset managers in the world controlling over $7.4 trillion. Its CEO, Larry Fink, in a recent interview, now says Bitcoin can evolve into a global market therefore impacting the reserve status of the USD. The greenback is a global reserve currency. However, with the widespread use of Bitcoin, the USD will be less relevant to foreign holders.
Bitcoin has the attention of Wall Street bigwigs. Larry is the latest to offer his two cents on Bitcoin. As a leader of the world’s largest asset manager, his comments can go a long way in cementing Bitcoin as an alternative investment asset despite its comparatively thin market explaining humongous daily gains. If Bitcoin can indeed evolve into a global market--just like as designed by Satoshi, how regulators will classify the digital asset in the future will determine whether investors will flow to Bitcoin or not. Earlier, BlackRock’s CIO of Fixed Income, Rick Rieder, had said Bitcoin is here to stay pointing to Millennials’ preference for the coin over gold, a trusted asset which he also said was less durable.
Impact on the BTC Price:
Bullish. Bitcoin is ranging below $20k as market participants sustain prices near the coin’s all-time highs. Comments from Larry could pump Bitcoin prices higher above $20k since he highlights the true potential of Bitcoin as a network layer and a medium of exchange that can also be a store of value.
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