BTC Price Rises as BlackRock Inc. Evaluates Blockchain Tech

July 23, 2018 – With BlackRock Inc., the world’s largest asset manager, slowly recognizing and moving towards the use of cryptocurrencies, the future of cryptos looks as clearer as ever.

Even though the company is looking into the technicalities and traits of the blockchain technology, BlackRock CEO Larry Fink still negatively perceives that cryptos would still not have that big of a demand. From this statement alone, this is a huge development compared to back in November where they stated that cryptos were frequently associated with money-laundering.

Despite this, the company still continually analyzes and examines cryptocurrencies like Bitcoin as another investment strategy.

From a statement by Chris Yoo, portfolio manager at Black Square Capital Management LLC, the interest shown by BlackRock would once again be a catalyst for the rise in the price of bitcoin for the near future.

“It is an extraordinary achievement and likely has a long way to go yet.” – Alexander Mann, Concentric Associate

Concentric Associate Alexander Mann also stated that, “It is an extraordinary achievement and likely has a long way to go yet.” he describes one of the primary traits that define cryptos as another form of currency. Being around for nearly a decade now, Bitcoin has shown its resilience in being able to bounce back from harsh falls and surviving the numerous attacks brought about by the media, government, and the other sectors all over the world — further adding value to it.

As said by Baiju Bhatt, co-founder and co-CEO of Robinhood, back in June, “It has this tenacity to it which it just keeps coming back. There are times when there are big run ups in the price, and the price goes down and its relevance in society seems to fade back. And it keeps coming back.”

Under the close examination of big players in the financial sector, they could better see now the numerous potential traits and properties that make cryptocurrencies valuable and even better namely the fixed supply, ability to further subdivide into smaller and smaller amounts, the low transaction costs, and the security brought about by blockchain technology and decentralisation.

In the case that the cryptocurrency market becomes even comparable to 10% of that of the gold market, there would be a major price appreciation that could lead to further value recognition and real life use cases.all around the world.

“[The major price appreciation of bitcoin is] very possible and from an investor standpoint, it seems like these institutions have decided the potential rewards now finally outweigh the risk.” – Alexander Mann, Concentric Associate

From this claim, we can hypothesize that this may be the cause of the recent and future rise of value in Bitcoin and Fintech on a broader scale.

An experienced journalist and a crypto-curious writing to educate others about blockchain and Fintech.