BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why
08 Ottobre 2024 - 4:00AM
NEWSBTC
BlackRock’s stance on cryptocurrencies—especially Bitcoin and
Ethereum—has lately made headlines. While Ethereum is considered as
a “technology bet,” the investment behemoth sees Bitcoin as a “gold
alternative.” This point of view captures a major change in the way
conventional finance is starting to welcome digital assets. Related
Reading: Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s
Recent Surge? The company’s findings show that people are becoming
more and more sure that Bitcoin can protect against inflation, just
like gold has in the past. BlackRock’s Chief Investment Officer,
Rick Rieder, recently said that Bitcoin is appealing to investors
who want to protect their wealth in uncertain economic times
because there is a limited quantity. Many investors who are
growingly concerned about market volatility and inflation will find
resonance in this mindset. Bitcoin: The Modern Gold? For those
looking for stability in the realm of finance, gold has
traditionally been the preferred asset. BlackRock contends, though,
that Bitcoin is filling in this function. As the company points
out, Bitcoin’s limited supply and spread-out nature could make it a
more interesting purchase than gold. Central banks around the world
are printing money at rates that have never been seen before. This
makes Bitcoin an even better way to save money. “More institutional
investors entering the market will only speed up the acceptance of
Bitcoin at an incredible rate,” says Rieder. With this new money
coming in, demand will grow even faster, making Bitcoin even more
of a digital gold standard. Additionally, BlackRock believes that
with increased realization of worth and scarcity, the price of the
blockchain will keep moving upwards. BlackRock considers Bitcoin a
“risk-off” asset like gold. At a recent conference, BlackRock’s
Robbie Mitchnick argued that Bitcoin might hedge against fiat
currencies and government trust. Mitchnick said Bitcoin is a safe
shelter for investors, especially during economic turmoil. As
inflation, monetary devaluation, and banking crises develop,
Bitcoin’s potential as a worldwide monetary alternative makes it
important for financial security. Ethereum: A Technological
Transformation Although Ethereum is seen via another perspective,
Bitcoin attracts attention as a store of value. BlackRock sees
Ethereum as a platform for innovation as much as a cryptocurrency.
With its smart contract capability, developers may create
decentralized apps (dApps), therefore transforming many sectors,
including gaming and banking. Ethereum has great future potential.
Ethereum demand may explode as more companies investigate
blockchain technology. The analysts of BlackRock are positive about
Ethereum’s future and indicate that its core technology might cause
rapid increase in the coming years. Related Reading: Starknet: Long
Positions Liquidated Lead To 16% Losses The Future Of Digital
Assets With BlackRock continuing to invest in these types of
cryptocurrencies, that spells massive influence for the financial
market. The general financial market is responding in such a trend,
with old-time investors now becoming conscious of the potential
attached to such digital assets. Featured image from Unsplash,
chart from TradingView
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