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BlackRock, the leading American multinational investment management corporation, has re-emphasized the long-standing belief around the The potential of bitcoin as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum in the financial world for years. According to the investment firm, btc is a good tool to protect against the growing global disorder, which could arise from the growing distrust in governments, banks, and fiat currencies.
Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe aligns with BlackRock’s outlook and predicts a bitcoin price as high as $600,000 in the current market cycle.
BlackRock's involvement in bitcoin
There is no denying the fact that BlackRock’s decision to foray into bitcoin in 2023 through the implementation of bitcoin Spot ETFs was a turning point for the cryptocurrency. As the world’s largest asset manager, this move reverberated throughout the investment community and reaffirmed bitcoin’s growing role as a legitimate asset class.
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BlackRock CEO Larry Fink, who was bitcoin/” rel=”nofollow”>I was once a proud bitcoin skepticchanged his stance and became an advocate for investors to add bitcoin to their portfolio to protect against inflation. x.com/BitcoinMagazine/status/1745800959631003858″ rel=”nofollow”>According to himbitcoin “is an asset class that protects you.”
In a similar statement, Blackrock noted that bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks and fiat currencies.” This comes amid concerns about inflation in economies around the world since the beginning of the year.
The company’s outlook reflects the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, btc will play a pivotal role in wealth preservation as its value continues to rise in the future. One such example of these investors is Michaël van de Poppe, a die-hard bitcoin enthusiast.
Responding to a social media post mentioning BlackRock's comments, van de Poppe noted that bitcoin's current valuation is still very low. In terms of a correct valuation, the analyst points to a target between $300,000 and $600,000. bitcoin is currently trading at $57,983, representing price increases of 417% and 935%, respectively.
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This explains everything.
The current valuation of twitter.com/hashtag/bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin
I wouldn't be surprised with $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A
—Michaël van de Poppe (@CryptoMichNL) twitter.com/CryptoMichNL/status/1834287850893799702?ref_src=twsrc%5Etfw” rel=”nofollow”>September 12, 2024
What's next for btc?
Although btc is up 3.89% in seven days, continues to float below $58,000 in what seems like an eternity. This is because the bitcoin spot ETFs, which recently bitcoin-etf-inflows-skyrocket-400-setting-new-highs-whats-next/” rel=”nofollow”>There were two days of entries After weeks of consecutive departures, recently bitcoin-etfs-face-43-million-in-outflows-after-two-days-of-inflows/” rel=”nofollow”>Another day of departure was recordedThis could suggest a slowdown in the growing bullish sentiment among institutional investors.
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From a technical perspective, bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be to break above the $60,000 mark and then $62,000 with strong upward momentum.
Featured image created with Dall.E, chart from Tradingview.com
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