BlackRock: $500 billion is wrong market cap for Bitcoin – It will develop into a new global market

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In 20 years from now – in 2040 – we will all be using some kind of digital currency, cash may disappear or their use will be drastically reduced.

For some, Bitcoin is evolving into “digital gold”, the evolution of Bitcoin will be similar to that of gold, it will be the king among cryptocurrencies.

BlackRock’s CEO Larry Fink supports that Bitcoin can potentially evolve into a global market. Bitcoin has caught the attention and imagination of many people. These big giant moves every day… is proof that it is a small market but can develop into a global market.

Having a digital currency has a real impact on the US dollar as it reduces the role of the dollar internationally.

BlackRock is the world’s top asset manager, with $7.43 trillion in assets. That’s a lot of dollars.

According to BlackRock, Bitcoin is here to stay

Estimates

For the first time since 2017, the cryptocurrency’s Bitcoin price reached $19,800, suggesting the rally could continue, though with large fluctuations.

Gold, the traditional safe-haven located at $1,840 has been removed from the $2,000 technical resistance crisis.

The main factors that reinforce the ongoing rally in Bitcoin are the accumulation of funds, the decline in foreign exchange supply, and explosive volume trends.

The difference between the current Bitcoin rally and previous price cycles is that the recent upward trend has proved more sustainable.

In addition, as Reuters reports, investors such as Stanley Druckenmiller, founder of hedge fund Duquesne Capital, and Rick Rieder, chief executive of BlackRock, recently talked about bitcoin.

Forecasts

Some argue that bitcoin will reach $60,000 to $80,000 by the end of 2021, but that estimate pales forward to Citigroup, which earlier predicted that Bitcoin could potentially reach $318,000.

To raise Bitcoin from $18,000 to $100,000 in a year is not so impressive, says hedge fund Off the Chain Capital.

Brian Estes predicts bitcoin could reach between $100,000 and $288,000 by the end of 2021, based on a model it uses based on a shortage of commodities such as gold. He also continued by saying ”We’ve seen bitcoin grow 10X, 20X, 30X in a year. Therefore, going 5X is no big deal.”

J P Morgan: At $140,000 Bitcoin

At $140,000, US investment bank JP Morgan sees the value of the Bitcoin cryptocurrency. Bitcoin has increased its value to $19,200 after falling to about $4,840 in mid-March 2020.

This is important because the all-time high for Bitcoin is $19,783 in December 2017.

Over the past year, bitcoin’s price has more than doubled, rising nearly $10,000 in the last two months of 2019 alone.

As Ethan Yang writes at the American Institute for Economic Research, with most of the news attention on the Covid-19, the presidential election, and so on, it is understandable that bitcoin’s explosive rise may have gone unnoticed.

However, what makes this rapid growth interesting is that there are some important conditions that may pave the way for Bitcoin.

Bitcoin the ‘ultimate investment against quarantine says Nigel Farage

British Farage, in an interview with Southbank Investment Research, mocked the government’s “funny money,” which continues to print across the pandemic at a speed of extreme distortion, and concluded that cryptocurrencies can get away with it.

“From the poorest to the richest [person] on earth, one issue that concerns them is cryptography. The reason is very obvious: it is that governments, through this pandemic, are generating huge amounts of ”funny” money, devaluing currencies and people are afraid of what this means for their money, their investments”.

Nigel Farage

Farage – who is a former commodity trader – tells his readers that having secured political freedom through Brexit, it is time to get their money and their destiny back

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