BlackRock Declares Bitcoin The New ‘Gold Alternative’

Name	Symbol	Market	Market Cap ($)	Algorithm
Ethereum	ETHUSD	Crypto	402,488,559,321	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ethereum

ETHUSD

Crypto

402,488,559,321

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-21.41	-0.64%	3,328.11	3,327.49	3,327.50

Price Change

Price Change %

Current Price

Bid Price

Offer

-21.41

-0.64%

3,328.11

3,327.49

3,327.50

High Price	Low Price	Open Price	Prev. Close	52 Week Range
3,430.00	3,302.18	3,349.40	3,349.52	2,080.02 - 4,109.67

High Price

Low Price

Open Price

Prev. Close

52 Week Range

3,430.00

3,302.18

3,349.40

3,349.52

2,080.02 - 4,109.67

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	14:43:41	0.089378	3,326.30	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

14:43:41

0.089378

3,326.30

USD

Price x Volume	Volume	Base Symbol	Related Pairs
535,912,050.32	158,252.13	ETH	ETHEUR	ETHGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

535,912,050.32

158,252.13

BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why

08/10/2024 3:00am

NEWSBTC

BlackRock’s stance on cryptocurrencies—especially Bitcoin and Ethereum—has lately made headlines. While Ethereum is considered as a “technology bet,” the investment behemoth sees Bitcoin as a “gold alternative.” This point of view captures a major change in the way conventional finance is starting to welcome digital assets. Related Reading: Bittensor (TAO) Soars 130% – What’s Behind The Altcoin’s Recent Surge? The company’s findings show that people are becoming more and more sure that Bitcoin can protect against inflation, just like gold has in the past. BlackRock’s Chief Investment Officer, Rick Rieder, recently said that Bitcoin is appealing to investors who want to protect their wealth in uncertain economic times because there is a limited quantity. Many investors who are growingly concerned about market volatility and inflation will find resonance in this mindset. Bitcoin: The Modern Gold? For those looking for stability in the realm of finance, gold has traditionally been the preferred asset. BlackRock contends, though, that Bitcoin is filling in this function. As the company points out, Bitcoin’s limited supply and spread-out nature could make it a more interesting purchase than gold. Central banks around the world are printing money at rates that have never been seen before. This makes Bitcoin an even better way to save money. “More institutional investors entering the market will only speed up the acceptance of Bitcoin at an incredible rate,” says Rieder. With this new money coming in, demand will grow even faster, making Bitcoin even more of a digital gold standard. Additionally, BlackRock believes that with increased realization of worth and scarcity, the price of the blockchain will keep moving upwards. BlackRock considers Bitcoin a “risk-off” asset like gold. At a recent conference, BlackRock’s Robbie Mitchnick argued that Bitcoin might hedge against fiat currencies and government trust. Mitchnick said Bitcoin is a safe shelter for investors, especially during economic turmoil. As inflation, monetary devaluation, and banking crises develop, Bitcoin’s potential as a worldwide monetary alternative makes it important for financial security. Ethereum: A Technological Transformation Although Ethereum is seen via another perspective, Bitcoin attracts attention as a store of value. BlackRock sees Ethereum as a platform for innovation as much as a cryptocurrency. With its smart contract capability, developers may create decentralized apps (dApps), therefore transforming many sectors, including gaming and banking. Ethereum has great future potential. Ethereum demand may explode as more companies investigate blockchain technology. The analysts of BlackRock are positive about Ethereum’s future and indicate that its core technology might cause rapid increase in the coming years. Related Reading: Starknet: Long Positions Liquidated Lead To 16% Losses The Future Of Digital Assets With BlackRock continuing to invest in these types of cryptocurrencies, that spells massive influence for the financial market. The general financial market is responding in such a trend, with old-time investors now becoming conscious of the potential attached to such digital assets. Featured image from Unsplash, chart from TradingView

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