CEO of BlackRock, Larry Fink, described the current climate as a “flight to quality” because of the increasing demand for high-quality investments amidst the good Bitcoin ETF hype and the ongoing high-profile FTX trial.
Analysts have noticed that the “flight to safety” into Bitcoin and other decentralized cryptocurrencies has been intensified by the current Sam Bankman-Fried trial, which underlines the narrative that these currencies are more stable and of better quality.
Even more convincing is the statement from the head of the biggest hedge fund in the world, which oversees more than $9.4 trillion in assets, that the incredible Bitcoin rise of October 2023 is “beyond rumor.”
Fink thinks the current surge to multi-month highs is a reflection of cryptocurrency’s value as an investment.
The recent rise and fall of gold prices on the spot market lend credence to the safe haven thesis of Bitcoin and the reasoning of BlackRock’s CEO.
Analysts’ increasing faith in the SEC’s imminent approval of a Bitcoin ETF is another proof of Bitcoin’s legitimacy.
This verification is crucial for wide dissemination and official acceptance. A message is being sent to the crypto market. According to on-chain data gathered by Glassnode this week, the cryptocurrency markets have been funneling their stablecoins into Bitcoin.
Then there’s the well publicized case of Sam Bankman-Fried, who is being tried for fraud and theft related to the FTX exchange.
Also Read: Five Crypto Worth Over $60 Million Removed From Coinbase
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