Bitcoin (BTC), the world’s flagship cryptocurrency has been making the headlines in 2020, thanks to its massive price surge and Larry Fink, the CEO of the multi-trillion-dollar asset management firm, BlackRock thinks the digital currency could further evolve into a global asset, according to reports on December 2, 2020.
Bitcoin will Get Even Bigger
Despite the ravaging COVID-19 pandemic, which has succeeded in throwing the global financial markets into another recession, bitcoin has managed to prove that it is indeed a hedge against inflation by reaching its highest level since the bear market of 2018.
In the latest development, Larry Fink, the CEO of BlackRock, the world’s largest asset management firm with a massive $7.5 trillion in asset under management, has declared that he firmly believes that bitcoin, the world’s flagship crypto could achieve greater heights in the coming years.
Per sources close to the matter, the 68-year-old American billionaire businessman, said in a chat with the former Bank of England Governor, Mark Carney at the Council on Foreign Relations on December 1, that despite the nascent nature of the cryptocurrency market, bitcoin (BTC) has successfully gotten into the consciousness of many people this year.
Fink also stated that he thinks the digital currency, whose market cap of over $350 billion has now surpassed that of top global firms such as Mastercard, Coca-Cola and many others, has all it takes to evolve into a global market asset.
Does Bitcoin have a Real Impact on the Dollar?
At a time when a good number of jurisdictions across the globe are now tapping distributed ledger technology (DLT) for the development of their central bank digital currency (CBDC), Fink has argued that the proliferation of bitcoin has made the world less dependent on the USD, especially international holders of dollar-based assets.
He also raised the question of whether the growing popularity of bitcoin will be able to eliminate the need for the USD as a reserve currency.
Talking about international use cases, digital currencies such as bitcoin and some stablecoins are now giving traditional fiat currencies a run for their money, especially in nations with draconian financial policies.
Tether (USDT), the world’s number one stablecoin now has a market cap of $19.42 billion, thanks to its increasing adoption by Chinese investors and other users across the globe.
On the other hand, bitcoin (BTC) has now become the toast of institutional investors looking to beat the great monetary inflation, as well as Nigerian business moguls whose businesses had previously been crippled by the nation’s central bank’s diktat that makes it impossible for them to access the USD for international payments.
These are exciting times indeed for crypto enthusiasts, as the narrative that blockchain-based digital assets are only good for illicit activities has finally changed, leaving room for more adoption and price surge.
At press time, the bitcoin price is still battling to overcome $19,095 and possibly make a new all-time high.
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