As Bitcoin soars to new all-time highs this month, there are concerns that the Biden administration is planning to kill off the cryptocurrency. The 350% spike was the talk of crypto town. From statements by the CEO of BlackRock, the world's largest asset manager, to the company's confidence in Bitcoin, there are many ways BlackRock could influence Bitcoin prices in the coming days.
Let's dig deeper!
Blackrock is an American multinational investment company that currently manages $10 trillion in assets. He is the manager of iShares Group, an exchange-traded fund (ETF). The IBIT ETF recorded inflows of $13.5 billion in its first 11 weeks of trading, exceeding expectations and contributing to increased market liquidity and transparency. As the fastest growing ETF, it has a say in determining the course of Bitcoin.
Bitcoin continued to rise this week, reaching a peak of $71,500 on March 27th. A recent statement from BlackRock CEO Larry Fink said Bitcoin could rise to as much as $80,000 in the coming weeks. Will the price of Bitcoin rise as demand for ETFs is still increasing? BTC prices faced a bearish move last week as Bitcoin ETFs posted negative weekly losses for the first time since mid-January.
As the guessing game begins, BlackRock's CEO addressed the media this week. Fink said in an interview with Fox Business on March 27 that iShares Bitcoin Trust (IBIT) has already reached the top as the fastest-paced ETF in history. The IBIT ETF's holdings have increased by $264 million every day since its inception.
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If it continues to rise, IBIT's BTC holdings could reach $22.6 billion by the end of April 2024, which could push the Bitcoin price above $80,000. The CEO said he is very bullish about Bitcoin's long-term viability.
Another positive influence for BlackRock is the significant influence generated by its key leads. Due to the coronavirus pandemic, lockdowns, and massive stimulus checks, the U.S. debt recently reached $34 trillion. Fink joins other celebrities including Jamie Dimon and Brian Moynihan in warning about America's debt mountain. BlackRock has issued a $34 trillion “urgent” warning that it could cause a tremor in the price of Bitcoin.
Any positive accumulation by the BlackRock authorities will cause the price to rise little by little. Mr. Fink's remarks highlighted the rapid growth in demand for Bitcoin ETFs.
Recent comments have boosted investor confidence and the majority of investors may choose to HODL, opening the door for BTC to reach all-time highs above $80,000 as expected.
BlackRock, a major player in the ETF space, certainly has a “say” in Bitcoin's journey in the digital currency realm. what do you think about this?
