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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 will likely be valued at $100,000 with a market cap of over $2 trillion before the end of 2021

Priya

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Bitcoin [BTC] will likely reach $100,000 with a market cap of over $2 trillion before the end of 2021
Source: Unsplash

The entire cryptocurrency market seems to be on the brighter side of the market since the beginning of the year. A majority of the coins have recorded significant recoveries from their 2018 slump, a period during which most coins lost over 90 percent of their value, when compared to their all-time highs. Among all the coins in the market, Bitcoin [BTC] aka the digital gold, was noted to be making a massive comeback as the coin breached the $11,000 mark after nearly 15 months. The coin however, soon retracted to settle below the $11,000 level.

According to CoinMarketCap, at press time, Bitcoin was trading at $10,887.27 with a market cap of $93.549 billion. The coin recorded a 24-hour trading volume of $20.757 billion for the past 24 hours and saw a massive rise of over 17 percent over the past seven days.

Anthony Pompliano, Co-founder of Morgan Creek Digital Assets, predicted that the largest digital currency could rise to reach $100,000, before the end of 2021. Pomp added that he was around 70-75 percent confident in this prediction. He stated,

“As I have previously said, making predictions is difficult […] Part of my process as a professional money manager is forming a thesis (price target), identifying a timeline (date), and establishing a confidence level. And then constantly re-evaluating those three aspects of my thought process as I receive new information.”

Pomp however, listed six pointers that have to be understood beforehand. First, this prediction is not an investment advice, and people should do their own research before investing in the digital currency. The second is with respect to Bitcoin’s volatility, with Pomp remarking that since it was a highly volatile market, the coin could witness a significant fall before being valued at $100,000. He stated,

“I anticipate that there will be numerous 20-30% drawdowns from new all-time highs as the asset continues to appreciate in value. These mini-boom/bust cycles should not cause panic, but rather need to be understood as natural market dynamics whenever an asset gains significant value in short periods of time.”

Further, the partner of the investment firm stated that the rise would be driven by several catalysts. This includes institutional adoption, exchange-traded funds and retail product approvals, global instability, governments all across the globe manipulating currencies, markets and economy. He went on to state,

“The market cap of Bitcoin will reach $2+ trillion when Bitcoin is worth $100,000. This is less than 1/3 the market cap of gold and less than 1/40 the global money supply.”





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