2023-10-22 15:55:00
“Larry Finck” CEO of BlackRock Revealing reasons that indicate the crypto market is entering a bull market. After the price of BTC hit $30,000 this week, he called it ‘Quality recovery’ amid Bitcoin ETF trend creating ripples in the crypto market
According to cryptopotato, recently BlackRock CEO Larry Fink It is the world’s largest hedge fund with an AUM (assets under management) of more than $9.4 trillion. Praised the Bitcoin (BTC) network for recovering above $30,000/coin.
“Stunning Bitcoin Price Rise This October Stay above the rumours,” he said.
He believes that the market’s recent surge to multi-month highs has to do with the quality of cryptocurrencies as an investment.
“I think this is just one example of long-repressed interest in the crypto market. which we have heard from customers all over the world About the necessity of investing in crypto By reflecting the investment image of the investor community expressed through pushing prices. Most of them exceeded previous rumor estimates. which the price increase today It is regarding reflecting into a bull market.”
While supporting the BlackRock CEO’s arguments While supporting Bitcoin’s safe haven thesis, gold prices moved alongside BTC last week.
Institutions Demand Approval of Spot Bitcoin ETF
Growing confidence among analysts that the SEC will soon approve a Bitcoin ETF will help validate the quality of bitcoin.
while validation is critical for mainstream and institutional acceptance. But it sends a clear message to crypto traders. Meanwhile, online data from Glassnode shows that cryptocurrency markets poured their stablecoins into Bitcoin this week.
Bitcoin Rally Reflects Safe Recovery
George Tung from TheStreetCrypto said that this week’s Bitcoin price increase was “Safe recovery”
“A lot of smart, wealthy investors are saying, ‘YES BITCOIN IS SAFE’ More Chaos more chaos printing more money This pushes people towards something better, a safe haven, a hedge once morest inflation. And that is Bitcoin,” said Jos Tung.
“As rising rates and inflation affect legacy markets, Investors view Bitcoin It is a safer investment haven,” TheStreet reported.
However, not everyone in the financial world agrees with Larry Finck, who sees Bitcoin as a quality product and investment or a safe haven. Shortly before the Bitcoin price surge in October, Berkshire Vice Chairman Charlie Munger Hathaway says Bitcoin is “the stupidest investment” he’s ever seen.
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