- Bitcoin rebounded strongly, trading at $65,796.33 at press time, with a 5.26% weekly growth.
- BlackRock’s Bitcoin ETF garners $23 billion in inflows, showcasing growing market confidence.
Bitcoin [BTC] has rebounded strongly, breaking back into bullish territory after dipping to the $60,000 mark.
Trading at $65,796.33 at press time, the leading cryptocurrency has gained 1.40% in the last 24 hours and climbed 5.26% over the past week as per CoinMarketCap.
BlackRock CEO appreciates Bitcoin’s potential
Seeing this surge, BlackRock CEO Larry Fink highlighted Bitcoin’s increasing legitimacy as an investment asset, suggesting it’s becoming a viable alternative to traditional commodities like gold.
Remarking on the same, during BlackRock’s Q3 2024 earnings call, Fink said,
“We believe bitcoin is an asset class in itself.”
Fink in his call also stressed less on concerns surrounding regulatory changes, asserting that increased acceptance and liquidity will be the primary catalysts for market expansion.
He added,
“I truly don’t believe it’s a function of regulation — of more regulation, less regulation. I think it’s a function of liquidity, transparency … no different than years ago when we started the mortgage market, years ago when the high-yield market occurred.”
What’s behind this success?
This success can be attributed to BlackRock’s Bitcoin ETF, which, after a decade of persistent efforts, has finally received approval and has since attracted impressive inflows.
He further highlighted how the successful launch of the iShares Ethereum Trust, which garnered over $1 billion in net inflows within its first two months of trading.
Alongside the iShares Bitcoin Trust, BlackRock has reached $23 billion in inflows in just nine months.
Echoing similar sentiments, analyst Ben Budish raised the question of how a more crypto-friendly administration in Washington might influence the market, suggesting potential regulatory changes could unlock further opportunities.
However, Fink downplayed the impact of political changes, arguing that broader acceptance and legitimacy of digital assets will be the primary drivers of market growth, rather than regulatory adjustments.
He said,
“I do believe the utilization of assets are going to become more and more of a reality worldwide,”
This perspective underscores BlackRock’s bullish outlook on cryptocurrencies and its strategic role in facilitating investment in this evolving landscape.
How BlackRock is helping investors?
That being said, Fink emphasized that these products reflect BlackRock’s overarching mission to simplify and reduce the costs of investing for a global audience.
“We will continue to pioneer new products to be making investing easier and more affordable.”
He proposed that similar to traditional markets, the digital asset landscape would grow with the advancement of enhanced analytics and data insights.
“And I truly believe we will see a broadening of the market of these digital assets.”
However, Bitcoin critic Peter Schiff voiced an alternative viewpoint when he said,
Source: Peter Schiff/X
Schiff argues that gold—particularly in its tokenized form—remains a superior alternative to Bitcoin.
This perspective highlights the ongoing debate between the two assets, as investors weigh the merits of Bitcoin’s growth against gold’s enduring value.
