Home web3.0 BlackRock CEO Larry Fink Predicts Bitcoin's Growth Trajectory Will Remain Unabated Regardless of the US Upcoming Presidential Election Winner

BlackRock CEO Larry Fink Predicts Bitcoin's Growth Trajectory Will Remain Unabated Regardless of the US Upcoming Presidential Election Winner

Oct 15, 2024 pm 06:38 PM
bitcoin US elections BlackRock CEO

Fink argued that the potential for digital currencies is becoming more and more apparent, with conversations on how organizations should treat this new asset class in terms of investment management taking place.

BlackRock CEO Larry Fink Predicts Bitcoin's Growth Trajectory Will Remain Unabated Regardless of the US Upcoming Presidential Election Winner

BlackRock CEO Larry Fink has predicted that Bitcoin’s growth trajectory will continue unabated regardless of the outcome of the upcoming US presidential elections.

Fink stated that the potential of digital currencies is becoming increasingly evident, and there are ongoing discussions within organizations about how to approach this new asset class in the context of investment management.

In his explanation, Larry likened Bitcoin to gold, highlighting that investment in this type of digital asset also exists within a unique category. He went on to explain that the use of digital currencies is expected to expand as the underlying technology continues to advance.

Fink illustrated this scenario by drawing an analogy to the evolution of the mortgage industry, which was a relatively slow-moving segment of the economy until the introduction of data and analytics transformed its dynamics.

“I don’t think it’s really a function of regulation,” he noted. “It’s a function of liquidity and transparency.”

This is a notable development considering that Fink has generally expressed ambivalence or even skepticism towards the prospects of cryptocurrency. In 2021, he appeared to align more closely with the critics of the crypto market, but his recent comments suggest a shifting perspective.

The assets that investors have been eagerly awaiting since BlackRock was reported to be preparing a spot Bitcoin exchange-traded fund (ETF), which was launched in March and has since gathered over $23 billion in assets.

In this context, the CEO’s view aligns with that of Standard Chartered analysts, who project that Bitcoin will reach $200,000 by 2025, regardless of who becomes president. Furthermore, both Donald Trump and Kamala Harris, the candidates for the US presidency, have recently made favorable statements about cryptocurrencies, highlighting the rapid evolution of the digital asset ecosystem.

Fink also mentioned that countries like India and Brazil are actively pursuing the digitization of their currencies.

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