Fun

BlackRock’s Larry Fink says he was wrong, calls Bitcoin digital gold

News Feed - 2024-07-16 02:07:24

Vince Quill6 hours agoBlackRock’s Larry Fink says he was wrong, calls Bitcoin digital goldBlackRock, the world’s biggest hedge fund, currently has $10.6 trillion in assets under management and the largest Bitcoin investment fund.6111 Total views10 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDuring a recent CNBC interview, the CEO of BlackRock, Larry Fink, said he was “wrong” about Bitcoin before calling the decentralized asset “digital gold” and a “legitimate” financial instrument.


The head of the $10.6-trillion asset management firm told CNBC’s Jim Cramer, “I was a skeptic, a proud skeptic,” before studying the nascent asset and changing his mind about Bitcoin (BTC).“It is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns. I believe it is an instrument that you invest in when you’re more frightened, though. It is an instrument when you believe countries are debasing their currency by excess deficits, and some countries are.”


Fink then touched on the deteriorating economic and political situation in some countries and the potential for Bitcoin to give individuals in those societies an option of investing in something beyond their geographies.Larry Fink talks to CNBC’s Jim Cramer. Source: YouTubeBlackRock Bitcoin ETF


In May, BlackRock’s iShares Bitcoin Trust (IBIT) overtook Grayscale Bitcoin Trust (GBTC) as the world’s largest Bitcoin exchange-traded investment fund, with year-to-date inflows topping $18 billion as of July 15.


The asset manager also repurposed shares of the Bitcoin ETF by adding them to its Strategic Income Opportunities Fund (BSIIX) and the Strategic Global Bond Fund (MAWIX), highlighting the potential of Bitcoin to aid income-focused investors such as retirees.


According to the most recent CoinShares inflows data released on July 15, Bitcoin investment vehicles experienced their fifth-highest week of inflows, recording over $1.35 billion in weekly investments.


Related:BlackRock surpasses $10.6T record AUM boosted by ETF inflowsBitcoin’s price responds


Bitcoin’s price responded to Fink’s comments and several other developments perceived as bullish, including the German government offloading its final Bitcoin, ending the stark selling pressure caused by dumping 50,000 coins onto the market.Bitcoin"s current price action. Source: TradingView


The decentralized asset rose for four consecutive days, with the nine-day exponential moving average crossing back over the 200-day exponential moving average, reversing several weeks of negative price action and price suppression below the $60,000 mark.


Magazine: Cryptocurrency trading addiction: What to look out for and how it is treated# Bitcoin# Blockchain# Business# Bitcoin Price# Adoption# Bitcoin ETF# BlackRockAdd reaction

News Feed

Targeted by IRS? What Cryptocurrency Owners Should Know
Targeted by IRS? What Cryptocurrency Owners Should KnowThe U.S. Internal Revenue Service (IRS) has started sending out new letters to cryptocurrency owners suspected of owing crypto
Alice Ivey12 hours ago5 blockchain-based social media platforms to knowDiscover five blockchain-based social media platforms that are reshaping online interactions.1201 Total views4 Total sharesListen to article 0:00Over
London Stock Exchange to accept Bitcoin and Ethereum ETNs
Ezra Reguerra13 hours agoLondon Stock Exchange to accept Bitcoin and Ethereum ETNsThe United Kingdom’s Financial Conduct Authority said it would not object to requests to create a market segment for crypto-backed ETNs.
Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round
Nigerian Blockchain Startup Bitmama Closes $2 Million Pre-Seed Round After raising $1.65 million via a pre-seed extension, Bitmama, a Nigeria-based blockchain startup, has now clos
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High
Biggest Movers: DOT Remains Near Multi-Month High, as LINK Hits 9-Day High Polkadot remained close to its highest level since September, as bullish sentiment rose to start the week
Derek Andersen5 hours agoSouth Korean Shinhan Bank completes stablecoin remittance pilot with Asian partnersThe bank used the Hedera network to settle payments in South Korean, Thai and Taiwanese currencies in real-time
Trudeau Criticizes Opponent’s Crypto Advice, Kiyosaki Pushes the Assets Ahead of the ‘Biggest Economic Crash in History’ — Bitcoin.com News Week in Review
Trudeau Criticizes Opponent"s Crypto Advice, Kiyosaki Pushes the Assets Ahead of the "Biggest Economic Crash in History" — Bitcoin.com News Week in Review Canadian Prime Minister
Crypto Lender Vauld Suspends Withdrawals, Company Is Discussing ‘Restructuring Options’ With Advisors
Crypto Lender Vauld Suspends Withdrawals, Company Is Discussing "Restructuring Options" With Advisors On July 4, the crypto lending company Vauld announced it suspended withdrawals
Backpack crypto exchange’s success is a testament to a maturing industry: Founder
Zoltan Vardai5 hours agoBackpack crypto exchange’s success is a testament to a maturing industry: FounderThe crypto industry is at an inflection point following legacy bank failures and black swan events in the crypto
Zhiyuan Sun8 hours agoImmutable delays $67M token vesting by another year125 million IMX tokens allocated for developer rewards will be vested monthly starting July 2024.825 Total views8 Total sharesListen to article 0:0
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency
Buenos Aires Confirms It Plans to Allow Citizens to Pay Taxes With Cryptocurrency Horacio Larreta, the head of the government of Buenos Aires, the capital of Argentina, confirmed t
Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act
Bitmex Co-Founder Arthur Hayes Avoids Prison for Violating US Bank Secrecy Act Bitmex co-founder Arthur Hayes is not going to prison for violating the U.S. Bank Secrecy Act. Instea