BlackRock CEO Larry Fink has expressed his optimism over the future trajectory of Bitcoin and Ethereum in the earnings call for the asset manager.
The remarks come after BlackRock had previously reported its highest asset under management in its latest earnings report. The rise in the firm’s AUM came on the back of a skyrocketing demand for exchange-traded funds, including Bitcoin.
BlackRock Expresses Confidence Over Bitcoin and Ethereum
The CEO of Blackrock has said that Bitcoin is becoming a more popular investment option and that it can replace commodities like gold.
In the words of Fink, “We believe that Bitcoin is an asset class in itself.” Fink downplayed the need of legislative changes, arguing that more acceptability and liquidity will spur market expansion.
Noting that the company’s exchange-traded fund for Bitcoin had seen inflows of $23 billion, he forecasted more rise in digital assets and the possibility that blockchain will transform international finance.
“We believe bitcoin is asset class in itself, it is an alternative to other commodities like gold,” Fink said during BlackRock’s third-quarter earnings call. Fink led the Wall Street attempt to introduce a fully-fledged spot bitcoin ETF to U.S. markets last year. Fink also forecasted that artificial intelligence will “overlay” with cryptocurrencies like Ethereum, Bitcoin, and others.
Fink also reaffirmed his belief in ETH, stating that Ethereum has a great deal of untapped potential as a blockchain. As a result, it will rise in response to market advances in the asset’s acceptance, transparency, and analytics.
BlackRock’s AUM Hit Record High
BlackRock CEO’s remarks during the earnings call come after spectacular results for the quarter. As UnoCrypto previously reported, the firm’s assets under management surpassed $11 trillion for the first time during the third quarter.
The new ETFs like Bitcoin and Ethereum, are accessible to both retail and institutional investors and provide exposure to cryptocurrency without requiring dealing with exchanges or risking self-custody. The acceptance of these ETFs has likely led to a rise in the asset manger’s AUM.
Bitcoin Price Trajectory: What’s Happening?
In tandem with BlackRock CEO’s remarks, Bitcoin prices have gained, being up 1.2% at $65,677.58 at the press time.
If Bitcoin’s current upward momentum continues, it is expected that the price will increase to $90,490 in the coming month. Most parameters and indicators reveal that the mood for BTC is bullish right now, and the Fear & Greed Index is 65 (Greed).
Over the previous 30 days, Bitcoin experienced 2.87% price volatility and 16/30 (53%) green days. The general bullish mood for Bitcoin has persisted due to a market recovery and a rise in risk appetite among investors.
Market participants are hopeful about Bitcoin’s price given that the coin has 26 technical analysis indicators indicating bullish signs and 3 indicating negative signals.