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BlackRock’s Larry Fink denies involvement in Bitcoin [BTC]

Anirudh VK

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BlackRock's Larry Fink denies involvement in Bitcoin [BTC]
Source: Unsplash

News emerged earlier today that BlackRock Incorporated was forming a team to look into cryptocurrencies, especially Bitcoin [BTC]. It struck many as puzzling, comparing the statement to previous statements by the CEO of the firm, Larry Fink.

Fink has stated that Bitcoin is an index of money laundering which shows how much demand for money laundering there is in the world. Appearing on Bloomberg Markets earlier today, he was questioned about the rumours of a cryptocurrency desk in the company.

The CEO strongly denied any movement towards engaging in cryptocurrencies, although he did mention that the firm was studying them to see how they were performing. He stated:

“No, but we’re looking at it. As I said in the past, we’re very excited about blockchain, whether its a crypto, were studying them to see how they’re performing.”

When asked whether the asset management firm’s clients do not want exposure to cryptocurrencies, Fink stated that he doesn’t “believe any clients have sought at crypto exposure at the moment”. He said:



“There’s elements of people who are looking to trade it i have not heard from anyone looking to buy crypto ,when it becomes more legitimatized when it has the true open nature of it when you identify who the players are on both sides, that’s when we will look at it as an alternative.”

Notably the company manages over $6.3 trillion in assets, and operates globally with 70 offices in 40 countries. They also have clients in 100 countries, leading them to gain the nickname the “world’s largest shadow bank”.

He went on to reiterate that while they were studying it, and looking at how Bitcoin perform, they were looking at “that type of data”. Moreover, he stated:

“Right now worldwide I’ve not heard from one client that has said I need to be in this.”





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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and interest towards the future of blockchain technology and cryptocurrencies. He does not own any cryptocurrencies currently.

Bitcoin

Bitcoin [BTC] will take another 22 years to regain its all-time high, says research analyst

Akash Anand

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'Bitcoin [BTC] will take another 22 years to regain its all-time high', says research analyst
Source: Pixabay

Bitcoin [BTC]’s rise and fall has been a consistent event that has grabbed headlines in the cryptocurrency space. According to the latest financial analysis conducted by UBS research analyst Kevin Dennean, the fans of the cryptocurrency will have to wait for over 22 years to climb back to its earlier heights of $19,000- $20,000.

Dennean made these claims comparing the pattern of Bitcoin and the cryptosphere with the trends of other financial system crashes like the Dow Jones crash of 1929, the NASDAQ slide in 2000 and the Oil tumble of 2008. The UBS analyst pointed to how a lot of the cryptocurrency’s proponents stated that Bitcoin is en route to a bull surge because ‘other assets did that in the past’. He laid the foundation for the delayed rise of Bitcoin by saying:

“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”

Dennean was also of the opinion that not every bubble that bursts recovers its old highs, taking the example of the Nikkei crash, which after 30 years of its fall, has still not managed to reach its earlier peak, currently trading at around half its all-time highs. The Japanese asset price bubble was an inflated economic bubble in the late 80s where the real estate and the stock market prices were greatly volatile. In 1992, the price bubble burst and Japan’s economic machine came to a standstill.



Another figure used by Dennean was the fact that all the asset classes, including Bitcoin, fell by 75 percent with Bitcoin breaching the 80 percent barrier. After the crash, only the Dow Jones and the NASDAQ provided a reprieve to users after rising back to its earlier highs.

At the time of writing, Bitcoin was trading for $5292 with a market cap of $93.423 million. The 24-hour trading volume was clocked at $12.985.





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