BlackRock has launched the Bitcoin ETF (BTC) earlier this summer. BlackRock is the largest asset management company in terms of assets managed, with over $10 trillion. This entry by the financial giant into the crypto-world was seen as historic, as it confirmed BTC’s status as a stable asset.
A recent report, BlackRock highlighted Bitcoin’s (BTC) unique attributes. BlackRock’s fund manager thinks BTC can be used for more than portfolio diversification. This report states: “Bitcoin’s nature as a scarce, non-sovereign, decentralized global asset has caused some investors to consider it as a flight to safety option in times of fear and around certain geopolitically disruptive events.“
BlackRock claims BTC can be a safe haven during times of unrest, but acknowledges that the asset is not without its risks.
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BTC To Hit An All Time High After BlackRock Report?
Bitcoin (BTC), a cryptocurrency, hit an all-time record earlier in this year. This was due to the approval of eleven spot BTC exchange traded funds. BTC is expected to rise in value despite some recent challenges.
CoinCodex’s analysis predicts that BTC prices will rise over the coming weeks. According to the platform, the asset is expected to surpass the $85,000 barrier next month. It will reach an all-time record of $85,539 by Oct. 16, 2024. The asset will rise by 37.11% to $85,539 if it reaches that level from its current value.
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Analysts at Changelly also expect Bitcoin (BTC), to rise in the coming weeks. Platform predicts BTC to reach a new high of $82,164 in October 2024. The platform predicts that BTC will reach a new all-time high of $82,164 on Oct. 15, 2024.
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Source: watcher.guru
