Bitcoin’s price (BTC) experienced a notable upswing in the past 24 hours, as it approached the $32,000 mark, fueled by the positive XRP ruling. The BTC/USD pair reached a peak of $31,814.51, representing the highest point since late-May last year when the price surpassed $32,000. Earlier in the day, Bitcoin traded as low as $30,486.69 before the impressive surge. However, a slight decline occurred due to profit-taking by traders, with the price currently hovering around $31,208.15.
In a separate development, Larry Fink, the CEO of BlackRock, the $8.5 trillion asset management company, expressed a bullish outlook regarding cryptocurrencies. Fink revealed that he has been witnessing an increasing demand for cryptocurrencies among gold investors over the past five years. Speaking on CNBC following the company’s second-quarter earnings report, he highlighted the role that exchange-traded funds (ETFs) played in democratizing access to gold and suggested a similar trend could occur with cryptocurrencies.
Fink emphasized the potential of an international crypto product to transcend the depreciating value of the dollar, citing its significant appreciation over the past five years. He stated that BlackRock believes there are great opportunities in the crypto market and that interest is growing worldwide. To that end, BlackRock recently filed an application to list a spot bitcoin ETF, which includes a surveillance-sharing agreement. This agreement could prove crucial in finally obtaining approval from the U.S. Securities and Exchange Commission (SEC) for such a product, following the rejection of numerous previous applications.
Fink underlined BlackRock’s commitment to ensuring the safety and security of any market they enter, and with their reputable name attached to a potential crypto product, they aim to provide a trustworthy investment opportunity for investors.
Larry Fink, Founder, Chairman, and CEO of BlackRock, has led the company since its inception in 1988. Under his guidance, BlackRock has become a global leader in investment and technology solutions, managing more money than any other investment firm in the world. Fink’s expertise and accomplishments have earned him recognition, including being named one of the “World’s Greatest Leaders” by Fortune and consistently being recognized as one of the “World’s Best CEOs” by Barron’s.
Beyond his role at BlackRock, Fink serves on various prestigious boards and committees, including New York University (NYU), the World Economic Forum, the Museum of Modern Art, and the Council on Foreign Relations. He is also actively involved in the NYU Langone Medical Center and serves on the Advisory Board of the Tsinghua University School of Economics and Management in Beijing.
With Fink’s positive sentiments towards cryptocurrencies and BlackRock’s pursuit of a bitcoin ETF, the crypto market is poised to experience potential advancements and increased mainstream adoption.
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