In present times No investment or financial organization can overlook Bitcoin’s popularity and widespread mainstream adoption.
As the cryptocurrency spreads its reach across various sectors and industries, high-net-worth individuals and corporate leaders recognize its importance and are vocally supporting Bitcoin at multiple junctures.
The BlackRock CEO Laurence Fink admitted that Bitcoin is gaining acceptance as a capital asset class.
BlackRock CEO Highlights Bitcoin As “Accepted Asset Class”
During a panel discussion with Mark Carney, the governor of Bank of England, Laurence fink noted that Bitcoin might soon have a significant role in the global financial systems. Gone are the days when cryptocurrency was looked upon as a doubtful investment and payment method. With the growing price of Bitcoin and many mainstream firms flocking to convert their assets to Bitcoin, cryptocurrencies have attained mammoth recognition and acceptance.
He cited the increased acceptance and inclination towards Bitcoin as a factor of its legitimacy as an asset class. Blockchain technology has grown tremendously, and Fink has shown an interest in the same. After being doubtful about Bitcoin’s legitimacy for years, the leader is finally convinced about the efficiency of cryptocurrency. He said that Bitcoin could eventually emerge as a global asset class, growth of Bitcoin he noted that the company is watching out for BTC. https://www.youtube.com/watch?v=NKxTSk8cONw&ab_channel=CouncilonForeignRelations
“Bitcoin has caught the attention and the imagination of many people. Still untested, pretty small relative to other markets.”
With PayPal announcing Bitcoin support on its global network and Visa onboarding support for cryptocurrencies like USDC on its network of 60 million merchants, the international adoption of Bitcoin is much evident. BlackRock is associated with MicroStrategy, which invested massively in Bitcoin recently. BlackRock has a 15.2 percent stake in MicroStrategy, thus holding BTC indirectly.
While Fink accepted that Bitcoin is gaining a lot of mainstream acceptance and can become an “asset class,” it is still an untested and thin market. He said that digital currencies might have an impact on US Dollars. The demand for Bitcoin is exceptionally high, and as the supply gets thinner after Bitcoin halving in May 2020, the BTC prices are expected to increase exponentially by 2021.
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