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Home»Bitcoin»BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets Target of $600,000
Bitcoin

BlackRock Calls Bitcoin ‘Hedge Against Global Disorder’, Analyst Sets Target of $600,000

2024-09-13No Comments3 Mins Read
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This article is available in Spanish.

BlackRock, the prominent American multinational investment management company, has once again emphasized the continued belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the company reiterated a line of thinking that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good instrument to hedge against increasing global disorder, which could result from growing distrust in governments, banks and fiat currencies.

Reflecting on this perspective, renowned cryptocurrency analyst Michaël van de Poppe echoes BlackRock’s outlook and predicts a Bitcoin price as high as $600,000 in the current market cycle.

BlackRock’s Involvement in Bitcoin

There is no denying that BlackRock’s decision to adopt Bitcoin through Spot Bitcoin ETF applications in 2023 was a turning point for the cryptocurrency. As the largest asset manager in the world, this move sparked alarm within the investment community and cemented Bitcoin’s growing role as a legitimate asset class.

Related reading

BlackRock CEO Larry Fink who was once a proud Bitcoin skepticchanged his position and became an advocate of investors adding Bitcoin to their portfolios to hedge against inflation. According to himBitcoin “is an asset class that protects you.”

In a similar statement, Blackrock noted that Bitcoin could be a “hedge against growing global disorder and declining trust in governments, banks and fiat currencies.” This comes amid inflation concerns in economies around the world since the start of the year.

The company’s perspective reflects the sentiments of many investors who believe that as the cracks in conventional financial systems become more apparent, BTC will play a critical role in wealth preservation as its value continues to rise in the future. An example of such investors is Michaël van de Poppe, an avid Bitcoin enthusiast.

See also  'Bird Beak Sign' Appears on Bitcoin Price Heikin Ashi Chart, Analyst Explains What It Means

In response to a social media post mentioning BlackRock’s comments, Van de Poppe noted that Bitcoin’s current valuation is still very low. In terms of a correct valuation, the analyst points to a target between $300,000 and $600,000. Bitcoin is currently trading at $57,983, representing price increases of 417% and 935% respectively.

This explains it all.

The current valuation of #Bitcoin is still super low.

I wouldn’t be surprised if there were $300,000-600,000 this cycle. https://t.co/5GUaBPMZ6A

— Michaël van de Poppe (@CryptoMichNL) September 12, 2024

What’s next for BTC?

Although BTC is up 3.89% in seven days, it is still up floats underneath it $58,000, which seems like forever. This is because Spot Bitcoin ETFs have recently become available went on two days of influx after weeks of consecutive outflows recently recorded another day of outflow. This could indicate a slowdown in the growing bullish sentiment among institutional investors.

Related reading

From a technical perspective, Bitcoin is facing critical resistance at several key price levels. The first major hurdle for the cryptocurrency would be breaking the $60,000 barrier, and then $62,000 with strong upside momentum.

Bitcoin price chart from Tradingview.com (BlackRock)
BTC price above $58,000 again | Source: BTCUSD on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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Analyst Bitcoin Blackrock calls Disorder Global Hedge sets Target
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