Bank of America has compared Bitcoin to other once-in-a lifetime inventions, such as electric cars, the Internet, and the printing press. It sheds more light on BTC’s rising influence within global finance. This once-shuffled asset is now mainstream.
Bitcoin Set To Dominate Global Financial Systems
BTC adoption has seen an increase in the last couple of years. The first cryptocurrency was among the top-performing assets over the past 15 years. BTC even beat major stocks in the tech industry and commodities.
Last year, the approval of Bitcoin ETFs allowed financial institutions around the world to take a closer look at this growing asset class. BlackRock, the world’s biggest asset manager, is also easing into BTC.
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Larry Fink, CEO of BlackRock, has expressed his opinion on the US dollar in light of Bitcoin (BTC). Fink stated in an email to investors that the US Dollar may no longer be dominant in terms of global reserves. Fink thinks that other currencies, or digital currencies such as BTC, could be the dominant currency in global reserves.
Recent price movements
Bitcoin (BTC), a cryptocurrency, reached a record high of $111 814 on the 22nd May. BTC’s price has dropped significantly since May. The daily charts show a decline of 1.3%, and the weekly charts show a drop of 3.5%. BTC, despite the correction, is still up by 0.2%, or 1.6%, on the chart for 14-days, and has increased 60.2% from June 2024.
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Bitcoin’s (BTC) popularity is predicted to grow in coming years. The US has established digital asset reserve to be the leader in the digital world. With the increase in adoption, asset prices will likely rise dramatically. BTC is expected to reach seven-digit prices, according to analysts.
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Source: watcher.guru
