BlackRock’s Next-Gen CEO Reveals Huge $8 Trillion Crypto Prediction After Bitcoin and Ethereum Price Crashes

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BitcoinBTC, ethereum and other major cryptocurrencies suffered an almighty crash this year (although Elon Musk sent a small cryptocurrency significantly higher).

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The price of bitcoin has crashed around 70% since the end of last year, plunging below $17,000 per bitcoin and driving down the price of ethereum and raising fears that the broader market of cryptography is “directed to oblivion”.

Now the CEO of BlackRockBLK, the world’s largest asset manager with approximately $8 trillion in assets under management which signed a major deal with Coinbase earlier this year, has predicted that crypto blockchain technology will usher in “the next generation for markets”.

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“I think the next generation of markets, the next generation of securities, will be the tokenization of securities,” BlackRock’s Larry Fink, who has previously expressed skepticism about crypto, said on stage at the DealBook Summit. from the New York Times NYT this week.

Bitcoin and crypto’s blockchain technology allows traditional assets to be “tokenized” on a public ledger, potentially making the transfer of anything from stocks, bonds, real estate, and alternative investments like art, cheaper and easier.

“I actually believe this technology is going to be very important,” Fink said. “Think about instant settlement [of] bonds and equities, without intermediaries, would lower costs even more dramatically. Think about it. It changes the whole ecosystem.”

However, Fink warned that many of today’s biggest cryptocurrencies and crypto companies will not survive, pointing out that the collapsed FTX crypto exchange is at odds with “the whole foundation of what crypto is.” “.

FTX’s reliance on its cryptocurrency exchange FTT, used as loan collateral, played a role in its implosion after the price of FTT suffered a sharp decline.

“I actually believe most companies won’t be there,” Fink said. BlackRock indirectly invested around $24 million in FTX. However, this was not in the “middle part” of BlackRocks’ business, according to Fink.

In September, BlackRock launched a blockchain company exchange-traded fund (ETF), giving investors exposure to 35 different companies.

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Meanwhile, bitcoin, ethereum and crypto price watchers are trying to gauge market sentiment following two major Federal Reserve earthquakes this week.

“The slew of important economic data released this week so far has sent a mixed signal and bitcoin has lost direction after recovering $17,000 per bitcoin on Wednesday,” said Yuya Hasegawa, crypto market analyst at Bitbank. , in an emailed note.

“Surprisingly, bitcoin is on course to test the lower boundary of the June-October range from which the price crashed due to the FTX shock last month. The price is unlikely to easily recover this level of $17,600.”

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