BlackRock, one of the leading asset management firms, is boldly embracing the cryptocurrency domain. The asset manager was recently seen openly advocating bitcoin, adding how the asset could play a pivotal role as an effective hedge against inflation.
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BlackRock Supports Bitcoin
While speaking at Brazil’s 2024 digital assets conference at Bitcoin trades, BlackRock was noted sharing information on the decline in the US dollar’s purchasing power. The asset manager quickly outlined how the USD’s purchasing power has steadily declined over decades, affecting its power and prestige globally.
At the same time, the notable asset manager advocated for Bitcoin, stating how BTC has emerged as a lucrative hedge against a stark economic crisis and inflation. The firm shared two slides explaining the consequences of both the scenarios above. In one slide, Blackrock displayed Bitcoin with other noteworthy assets like gold and US treasuries, outlining how Bitcoin is slowly emerging as a global monetary alternative, possessing remarkable financial utility.
Ok so BlackRock is now presenting slides with the dollar losing purchasing power next to a diagram of the ‘characteristics’ of money.
— Dennis Porter (@Dennis_Porter_) October 5, 2024
How are we not at $1,000,000 BTC yet? pic.twitter.com/vcjPThJiXs
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Cryptocurrencies Are Fastest Growing Tech In The World
Jay Jacobs, the U.S. Head of Thematic and Active ETFs at BlackRock, recently spoke about the budding blockchain explosion at the Brazil conference. Jacobs acknowledged how cryptocurrencies are growing rapidly.
“This is one of the fastest-growing technologies we’ve seen in the last few years. If we’re consuming things online, streaming videos. Playing video games, and buying digital content, it makes sense to have digitally native assets to conduct those transactions.” Jacobs noted.
In addition, BlackRock shared that consumer portfolios should comprise 1% to 3% of Bitcoin holdings. This statement by BlackRock is incredibly bullish. This development is paving the way for the cryptocurrency domain to gain mainstream market momentum and attention.
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