The Largest Asset Manager In The World Started Dabbling in Bitcoin.
According to its Chief Investment Officer Rick Reider
We've started to dabble a bit in it. My sense is the technology has evolved and regulations have evolved to the point where a number of people feel it should be a part of the portfolio.
As an explanation, Rick feels that diversifying assets like cryptocurrencies "makes some sense" because traditional hedges like interest rates no longer work at these times.
A good news for all altcoins holder too since this powerful asset management firm would also check other digital assets such as the most profitable ones in the future for sure.
He urges people to also do the same but there's no percentage specified. Along with this proclamation, it would most likely let other senior members of the firm to follow his lead.
Bitcoin Keep Hitting ATH all the time:
My wild guess? The result of this amazing news pumped the price again.
These are the proofs:
The investment management corporation indicated that it could get exposure to Bitcoin derivatives through two of its funds (BlackRock Global Allocation Fund, Inc. and BlackRock Funds V) in its SEC filing dated Jan. 20.
The said firm were already actively exploring the cryptocurrency trends some time ago because a few of their top members have already shared their interest on Bitcoin and the Alts.
In late November 2020, Rieder mentioned that Bitcoin could potentially replace gold because it is "much more functional" than the yellow metal.
I think it is a durable mechanism that, you know, that I think could take the place of gold to a large extent? Yeah, I do, because it’s so much more functional than passing a bar of gold around.
In early December, BlackRock CEO Larry Fink went as far as predicting that Bitcoin could potentially threaten the dollar's hegemony after evolving into a global market:
Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets. You see these big giant moves every day…it's a thin market. Can it evolve into a global market? Possibly.
Other Major Factors Triggering The Bitcoin Pump:
Tesla has already earned around $1-Billion from delving into Bitcoin that started early this month.
According to Wedbush Securities, e-car giant Tesla has already made over $1 billion from its Bitcoin investment that was announced earlier this month. In fact, the largest cryptocurrency turned out to be more profitable than the whole year of selling cars.
Indeed a lucrative business!
The richest man in the world changed his profile pic to Bitcoin which only lasted for a day.
Those were the hours I have seen the price went pumping again from $51k to $57k. A friggin' 10% in a span of 12 hours.
This also signals the altcoins to pump too coz I was also a fan of Bitcoin Cash and seen a tremendous pump by the hundred of Dollars.
I must say it will still keep on pumping till it reached its forecasted price this year of $80K. Brace yourself for the ultimate crypto ride!
Thanks for reading!
