Larry Fink, CEO of BlackRock, revealed the reasons that indicate the cryptocurrency market is entering a bull market. After Bitcoin price reached $30,000 this week, it was called a “quality rebound” amid Bitcoin ETF trend creating ripples in the cryptocurrency market.
According to cryptopotato, BlackRock CEO Larry Fink recently said it is the world’s largest hedge fund with assets under management (AUM) of more than $9.4 trillion. The Bitcoin (BTC) network was praised for recovering over $30,000 per coin.
“Stunning Bitcoin Price Rise in October” “Stay above the rumours,” he said.
He believes the market’s recent rise to multi-month highs has to do with the quality of cryptocurrencies as an investment.
“I believe this is just one example of the long-pent-up interest in the cryptocurrency market. We have heard from clients around the world about the need to invest in cryptocurrencies by reflecting the investment profile of the investor community and expressed through price hikes. Most of them exceeded estimates. “The previous rumours. The price of which rose today is about thinking about a bull market.”
With BlackRock CEO’s arguments supporting Bitcoin’s safe haven thesis, gold prices moved in tandem with Bitcoin last week.
Institutions Demand Approval of Spot Bitcoin ETF
Growing confidence among analysts that the SEC will soon approve a Bitcoin ETF will help validate the quality of Bitcoin.
While validation is critical for mainstream and institutional acceptance. But it sends a clear message to cryptocurrency traders. Meanwhile, online data from Glassnode shows that the cryptocurrency market pumped its stablecoins into Bitcoin this week.
Bitcoin’s rise reflects a safe recovery
George Tong of TheStreetCrypto said the increase in Bitcoin prices this week was a “safe recovery.”
“A lot of smart, wealthy investors are saying, ‘Yes, Bitcoin is safe.’ More chaos, more chaos, printing more money and that pushes people toward something better, which is a safe haven, a hedge against inflation. That’s what Bitcoin is,” Gus Tong said.
“With rising interest rates and inflation impacting legacy markets, investors are looking at Bitcoin as a safer investment haven,” TheStreet reported.
However, not everyone in the financial world agrees with Larry Fink, who sees Bitcoin as a high-quality product and investment or safe haven. Shortly before Bitcoin prices surged in October, Charlie Munger, vice chairman of Berkshire Hathaway, said Bitcoin was the “dumbest investment” he had ever seen.
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