With Bitcoin’s fresh all-time high this month in a rally, speculations have been around which state the fears about the Biden administration’s plotting to kill crypto. The surge of 350% has been the talk of the crypto town! From the chief executive of the world’s largest asset manager Blackrock’s statement to the company’s faith in Bitcoin, there are many ways in which Blackrock can influence Bitcoin price in the upcoming days.
Let us delve into it!
Blackrock is an American multinational investment company with $10 trillion in assets under management currently! It is the manager of the iShares group of exchange-traded funds. IBIT ETF recorded $13.5 billion in inflows within the first 11 weeks of trading, exceeding expectations and contributing to increased liquidity and transparency in the market. Being the fastest-growing ETF, it has a say in determining Bitcoin’s pathway.
Bitcoin continues its positive ascent this week, reaching as high as $71,500 on March 27. Blackrock’s CEO, Larry Fink’s recent statement states that BTC could rise as high as $80,000 in the coming weeks. With ETF demand still on the rise, will Bitcoin price rise in the run? BTC price faced a bearish move last week as Bitcoin ETFs recorded a weekly negative for the first time since mid-January.
As the guessing game was on, Blackrock CEO took to the media this week. In his interview with Fox Business on March 27, Fink states that the iShares Bitcoin Trust (IBIT) has already reached the top as the fastest-paced ETF in history! IBIT ETF holdings have grown by $264 million daily since the launch.
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If it keeps ascending, IBIT’s BTC holding could hit $22.6 billion by the end of April 2024, which could in turn drive Bitcoin price above $80,000. The CEO stated that he is very bullish on the long-term viability of Bitcoin!
Another positive impact of Blackrock is its heavy influence created by the main leads. U.S. debt has recently hit $34 trillion due to covid pandemic, lockdowns and huge stimulus spending. Fink, along with major personalities like Jamie Dimon and Brian Moynihan, joined in warning over the U.S. debt pile. Blackrock issued an “urgent” $34 trillion warning that could trigger a Bitcoin price earthquake.
Every positive build-up by Blackrock’s authorities triggers the price and makes it grow bit by bit. The remarks by Fink have emphasized that the demand for Bitcoin ETFs is rapidly growing.
The recent comments boosted investors’ confidence, and the majority of them could opt for HODL, thus opening doors to BTC touching a new all-time high above $80,000 as predicted.
Being a major player in the ETF space, Blackrock surely has a “say” in Bitcoin’s journey in the digital currency realm. What do you think about this?