according to BlackRock the asset is a hedge against global disorder

Among today’s Bitcoin news, there is praise from BlackRock stating that BTC could serve as a hedge against the growing global order. BlackRock is the world’s largest asset management company, with $9 trillion, which issued its ETF in January of this year. 

Bitcoin News: BlackRock sees BTC as a hedge against the growing global order

BlackRock, a 9 trillion dollar asset management company and the largest in the world, has praised Bitcoin.

JUST ARRIVED: BlackRock states that #Bitcoin could be a “hedge against the growing global disorder and the decline in trust in governments, banks, and fiat currencies.”

In practice, BlackRock sees Bitcoin as a possible hedge against the growing global disorder and declining trust in governments, banks, and fiat currencies. Not only that, for the asset manager, the asset is a global monetary alternative. 

The support of BlackRock for Bitcoin is not new, given that in January 2024, the asset manager launched its ETF on Bitcoin spot (IBIT) in the USA, achieving excellent performance. 

A few weeks ago, IBIT recorded an inflow of over 224 million dollars in a single day.

Bitcoin News and the praise of BlackRock: the statements of CFA Jay Jacobs 

Last June, even the CFA of BlackRock, Jay Jacobs, released supportive opinions on Bitcoin, portraying it as the future of finance.

Specifically, Jacobs said in a video:

“Bitcoin is an emerging asset. It is only a tenth the size of the gold market. Therefore, it has high volatility and behaves differently from stocks and bonds. Many investors consider it a potential hedge against geopolitical and monetary risks. Other investors see it as a way to play on the future adoption of blockchain technology. In either case, investors need to take a measured approach to Bitcoin, considering both the risks and potential returns of the asset.”

Returning to today, BlackRock believes that interest in Bitcoin and the entire crypto sector is destined to grow, especially with the spread of new alternatives to the dollar and investments.

The trend of the price of BTC

In the meantime, the price of BTC continues to try to reach and surpass $60,000, but for the past three weeks, the mission has not yet succeeded. 

In fact, at the time of writing, BTC is worth $57,784, recovering ground from $53,000 last week, but still not stable. 

Looking at the annual chart, in fact, from after March 14, 2024, the day of ATH or All-Time High of the BTC price at over $73,000, the trend has become more oscillating. 

The price of BTC fluctuated in a range of $59,000 and $71,000 until the end of June 2024, then it dropped, and fluctuated in a price range between $55,000 and $68,000. The current price is therefore closer to the summer lows.