BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets $600,000 Target
13 Settembre 2024 - 10:30PM
NEWSBTC
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: XRP Price To Reach $40? Crypto Analyst Says You Should Get
In Right Now 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.
This explains it all. The current valuation of #Bitcoin is still
super low. I wouldn’t be surprised with $300,000-600,000 this
cycle. https://t.co/5GUaBPMZ6A — Michaël van de Poppe
(@CryptoMichNL) September 12, 2024 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: Shiba Inu
Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB
Recover? 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. Featured
image created with Dall.E, chart from Tradingview.com
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