BlackRock, the world’s largest asset manager with nearly $10 trillion worth of assets under management, launched a Bitcoin (BTC) ETF earlier this year. The financial giant’s entry into the cryptocurrency realm was deemed historic as it solidified BTC’s position as a solid asset.
In a recent report, BlackRock highlighted Bitcoin’s (BTC) unique attributes. The fund manager believes BTC is more than just for portfolio diversification. The report notes, “Bitcoin’s nature as a scarce, non-sovereign, decentralized global asset has caused some investors to consider it as a flight to safety option in times of fear and around certain geopolitically disruptive events.“
BlackRock says BTC is a haven in times of uncertainty but admits the asset has its share of risks.
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Will BTC Hit A New All-Time High Following BlackRock’s Report?
Bitcoin (BTC) hit a new all-time high earlier this year following the approval of 11 spot BTC ETFs. Although the asset has faced some headwinds in the last few months, many anticipate BTC to hit a new all-time high soon.
According to CoinCodex analysis, BTC will continue to surge over the next few weeks. The platform predicts the asset will breach the $85,000 mark next month, hitting a new all-time high of $85,539 on Oct. 16, 2024. Reaching $85,539 from current levels will translate to a rally of about 37.11%.
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Changelly analysts also anticipate Bitcoin (BTC) to surge over the next few weeks. The platform predicts BTC will hit a new all-time high of $82,164 on Oct. 15, 2024. Hitting $82,164 from current price levels will translate to a rally of about 31.7%.
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