BlackRock Highlights Bitcoin as a Safeguard against Economic Crisis
2024-09-20
Bittime - BlackRock released a white paper highlighting Bitcoin as a hedge against monetary and geopolitical risks. Bitcoin prices jumped 6%, buoyed by potential further adoption as a hedge against the economic crisis. For more details, see this article!
BlackRock Releases Bitcoin
After the world's largest asset manager issued a white paper emphasizing the digital asset's possibilities as a hedge against monetary and geopolitical risks, the price of Bitcoin rose nearly 6%. BlackRock releases Bitcoin BTC.
Bitcoin as a Protections against Economic Crisis
Nearly an hour after Bitcoin started rising from its daily low of $59,354. Balchunas shared BlackRock's report at 16:21 UTC.
According to data from Cointelegraph, Bitcoin has risen more than 5.7% and regained $62,600 for the first time in more than three weeks.
Some analysts are predicting a three-month rally to $92,000, which may start in October, based on historical chart patterns and Bitcoin's average monthly returns for the fourth quarter of the year.
BlackRock's Highlight Bitcoin
According to BlackRock's white paper, not only the crypto asset but Bitcoin's decentralized and permissionless nature makes it the world's first truly open access monetary system.
Asset managers also praise Bitcoin for not relying on a centralized system or having no counterparty risk.
The asset management giant shared a chart showing how Bitcoin's growth outpaced the price of gold and the S&P 500 during geopolitical events to demonstrate Bitcoin's resilience.
Macroeconomic Driving Bitcoin Adoption's Path
BlackRock's white paper states macroeconomic concerns will drive Bitcoin's adoption path. The world's largest issuer of Bitcoin exchange-traded funds (ETFs), BlackRock holds more than $21.4 billion in Bitcoin and controls more than 38% of the Bitcoin ETF market.
Read Also: BTC Rebounds to $65,000 Price Soon!
Conclusion
BlackRock, the world's largest asset manager, released a white paper highlighting Bitcoin's benefits as a hedge against monetary and geopolitical risks.
The book shows Bitcoin's potential as a hedge against economic crises. With its decentralized and permissionless nature, Bitcoin is considered an open monetary system that does not depend on centralized parties.
During geopolitical events, Bitcoin's growth outperforms gold and the S&P 500 further strengthens its resilience as an asset.
BlackRock continues to dominate the Bitcoin ETF market, with holdings of more than $21.4 billion and a 38% global market share.
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