{"id":641699,"date":"2024-09-13T20:30:19","date_gmt":"2024-09-13T20:30:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=641699"},"modified":"2024-09-13T09:51:05","modified_gmt":"2024-09-13T09:51:05","slug":"blackrock-bitcoin-hedge-600000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin\/blackrock-bitcoin-hedge-600000\/","title":{"rendered":"BlackRock Calls Bitcoin \u2018Hedge Against Global Disorder\u2019, Analyst Sets $600,000 Target"},"content":{"rendered":"<p><span style=\"font-weight: 400\">BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the <\/span><a href=\"https:\/\/uniquehot.com\/news\/as-bitcoin-supply-tightens-could-a-breakout-be-on-the-horizon\/\"><span style=\"font-weight: 400\">Bitcoin potential<\/span><\/a><span style=\"font-weight: 400\"> as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Reflecting on this perspective, renowned cryptocurrency analyst Micha\u00ebl van de Poppe aligns with BlackRock\u2019s outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle.\u00a0<\/span><\/p>\n<h2>BlackRock\u2019s Involvement With Bitcoin<\/h2>\n<p><span style=\"font-weight: 400\">There&#8217;s no denying the fact that BlackRock&#8217;s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoin\u2019s growing role as a legitimate asset class.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/analysis\/xrp\/xrp-price-to-reach-40-get-in\/\">XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now<\/a><\/div>\n<p><span style=\"font-weight: 400\">CEO of BlackRock, Larry Fink, who was <\/span><a href=\"https:\/\/bitcoinist.com\/blackrock-larry-fink-major-believer-in-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">once a proud Bitcoin skeptic<\/span><\/a><span style=\"font-weight: 400\">, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. <\/span><a href=\"https:\/\/x.com\/BitcoinMagazine\/status\/31003858\" rel=\"nofollow\"><span style=\"font-weight: 400\">According to him<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin &#8220;is an asset class that protects you.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400\">In a similar statement, Blackrock noted that Bitcoin could be a &#8220;hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.&#8221; This comes amidst inflation concerns in economies all around the globe since the beginning of the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The company\u2019s perspective echoes 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 preserving wealth as its value continues to increase in the future. An example of such investors is Micha\u00ebl van de Poppe, who is a staunch Bitcoin enthusiast.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">In reply to a social media post mentioning BlackRock&#8217;s comments, van de Poppe noted that Bitcoin&#8217;s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">This explains it all.<\/p>\n<p>The current valuation of <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> is still super low.<\/p>\n<p>I wouldn\u2019t be surprised with $300,000-600,000 this cycle. <a href=\"https:\/\/t.co\/5GUaBPMZ6A\" rel=\"nofollow\">https:\/\/t.co\/5GUaBPMZ6A<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/93799702?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 12, 2024<\/a><\/p><\/blockquote>\n<h2>What\u2019s Next For BTC?<\/h2>\n<p><span style=\"font-weight: 400\">Although BTC is up by 3.89% in seven days, it <\/span><a href=\"https:\/\/uniquehot.com\/news\/bitcoin\/bitcoin-retesting-57000-good\/\"><span style=\"font-weight: 400\">continues to hover beneath<\/span><\/a><span style=\"font-weight: 400\"> $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-etf-inflows-skyrocket-400-setting-new-highs-whats-next\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">went on two days of inflows <\/span><\/a><span style=\"font-weight: 400\">after weeks of consecutive outflows, recently <\/span><a href=\"https:\/\/bitcoinist.com\/spot-bitcoin-etfs-face-43-million-in-outflows-after-two-days-of-inflows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">registered another day of outflow<\/span><\/a><span style=\"font-weight: 400\">. This could suggest a slowdown in a growing bullish sentiment among institutional investors.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-accumulation-whales\/\">Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover?<\/a><\/div>\n<p><span style=\"font-weight: 400\">From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/He0pN0R3\/\" alt=\"Bitcoin price chart from Tradingview.com (BlackRock)\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">BTC price above $58,000 once more | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>BlackRock, the prominent American multinational investment management corporation, has once again emphasized the enduring belief surrounding the Bitcoin potential as a strategic asset. In a recent statement, the firm reiterated a school of thought that has been gaining momentum within the financial world for years. According to the investment company, BTC is a good tool for hedging against increasing global disorder, which might arise from growing distrust in governments, banks, and fiat currencies. Reflecting on this perspective, renowned cryptocurrency analyst Micha\u00ebl van de Poppe aligns with BlackRock\u2019s outlook, predicting a Bitcoin price as high as $600,000 in the current market cycle.\u00a0 BlackRock\u2019s Involvement With Bitcoin There&#8217;s no denying the fact that BlackRock&#8217;s decision to foray into Bitcoin in 2023 through applications of Spot Bitcoin ETFs was a turning point for the cryptocurrency. As the biggest asset manager in the world, this move sent ripples throughout the investment community and affirmed Bitcoin\u2019s growing role as a legitimate asset class. Related Reading: XRP Price To Reach $40? Crypto Analyst Says You Should Get In Right Now CEO of BlackRock, Larry Fink, who was once a proud Bitcoin skeptic, changed his stance and became an advocate of investors adding Bitcoin to their portfolio in order to hedge against inflation. According to him, Bitcoin &#8220;is an asset class that protects you.&#8221; In a similar statement, Blackrock noted that Bitcoin could be a &#8220;hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.&#8221; This comes amidst inflation concerns in economies all around the globe since the beginning of the year.\u00a0 The company\u2019s perspective echoes 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 preserving wealth as its value continues to increase in the future. An example of such investors is Micha\u00ebl van de Poppe, who is a staunch Bitcoin enthusiast.\u00a0 In reply to a social media post mentioning BlackRock&#8217;s comments, van de Poppe noted that Bitcoin&#8217;s current valuation is still very low. In terms of a correct valuation, the analyst notes a target between $300,000 and $600,000. Bitcoin currently trades at $57,983, which represents price increases of 417% and 935%, respectively. This explains it all. The current valuation of #Bitcoin is still super low. I wouldn\u2019t be surprised with $300,000-600,000 this cycle. https:\/\/t.co\/5GUaBPMZ6A \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) September 12, 2024 What\u2019s Next For BTC? Although BTC is up by 3.89% in seven days, it continues to hover beneath $58,000 in what seems like forever. This is because Spot Bitcoin ETFs, which recently went on two days of inflows after weeks of consecutive outflows, recently registered another day of outflow. This could suggest a slowdown in a growing bullish sentiment among institutional investors.\u00a0 Related Reading: Shiba Inu Accumulation: Whales Pull Out $4 Million From Exchanges, Can SHIB Recover? From a technical perspective, Bitcoin faces critical resistance at several key price levels. The first significant hurdle for the cryptocurrency would be breaking through the $60,000 mark, and then $62,000 with strong upward momentum.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":641707,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,7720,93045,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-641699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-blackrock","tag-blackrock-bews","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>BlackRock Calls Bitcoin \u2018Hedge Against 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