{"id":43301,"date":"2023-08-01T23:15:16","date_gmt":"2023-08-02T03:15:16","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/larry-finks-bitcoin-support-is-game-changing\/"},"modified":"2023-08-01T23:15:17","modified_gmt":"2023-08-02T03:15:17","slug":"larry-finks-bitcoin-support-is-game-changing","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43301","title":{"rendered":"Larry Fink’s Bitcoin Support Is Game-Changing"},"content":{"rendered":"
\n

BlackRock CEO Larry Fink\u2019s recent endorsement of Bitcoin is the number one reason to be bullish on the asset right now, according to Galaxy Digital CEO Mike Novogratz.<\/p>\n

\u201cThe most important thing that happened this year in Bitcoin is Larry Fink,\u201d Novogratz said in an interview with Bloomberg<\/i> last week. The investment manager\u2019s support caught investors by surprise last month after BlackRock filed to launch a Bitcoin spot ETF \u2013 an investment product yet to hit the U.S. market.<\/p>\n

As Novogratz put it, Fink got \u201corange pilled\u201d \u2013 a term for radically transforming a Bitcoin critic into a Bitcoin believer.<\/p>\n

\u201cLarry was a nonbeliever. Now he says, \u2018Hey, this is going to be a global currency.\u2019 People around the world all trust it,\u201d said Novogratz.<\/p>\n

Back in 2017, Fink said that Bitcoin was merely an \u201cindex for money laundering,\u201d and that the high demand for the asset at the time was a reflection of demand for such illicit deeds. The criticism is still popular today among certain politicians and central bankers today, though blockchain data doesn\u2019t corroborate it.<\/p>\n

When interviewed by CNBC<\/i> last month, Fink\u2019s tone had drastically changed. \u00a0\u201cBecause it\u2019s so international, it\u2019s going to transcend any one currency in currency valuation,\u201d he said regarding cryptocurrency, noting that the asset class at large has a \u201cdifferentiating value versus other asset classes.\u201d<\/p>\n

Though many firms have tried and failed to launch a Bitcoin spot ETF, BlackRock\u2019s attempt is also cause for renewed optimism, given the firm\u2019s 99.8% success rate with previous ETF applications. \u00a0<\/p>\n

According to Novogratz, the combination of BlackRock\u2019s ETF aspirations and Fink\u2019s Bitcoin turnaround are part of an \u201cadoption cycle\u201d that could drive the asset back above its all-time high of $69,000, marked in November 2021. A potential rate cut from the Federal Reserve in the coming months could further exacerbate that.<\/p>\n

Ripple Optimism<\/h2>\n

Aside from BlackRock, Novogratz is also optimistic about the recent conclusion of the Securities and Exchange Commission\u2019s case with Ripple Labs, which he called a \u201chuge victory\u201d for crypto. Judge Analisa Torres ruled that institutional sales of XRP by Ripple were indeed unregistered securities transactions, but that secondary market sales of the asset were not \u2013 nor was the asset itself an investment contract.<\/p>\n

The case has little bearing on Bitcoin, which has already been labeled a commodity by both of the nation\u2019s chief market regulators. However, exchanges like Coinbase took it as a positive sign that they could relist XRP, and potentially other crypto assets that have been shrouded n legal uncertainty until now.\u00a0
\u00a0<\/p>\n<\/p><\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BlackRock CEO Larry Fink\u2019s recent endorsement of Bitcoin is the number one reason to be bullish on the asset right now, according to Galaxy Digital CEO Mike Novogratz. \u201cThe most important thing that happened this year in Bitcoin is Larry Fink,\u201d Novogratz said in an interview with Bloomberg last week. The investment manager\u2019s support caught […]<\/p>\n","protected":false},"author":1,"featured_media":43302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-43301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"\nLarry Fink's Bitcoin Support Is Game-Changing | iFintechWorld<\/title>\n<meta name=\"description\" content=\"BlackRock CEO Larry Fink\u2019s recent endorsement of Bitcoin is the number one reason to be bullish on the asset right now, according to Galaxy Digital CEO\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=43301\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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