Head Of World’s Largest Asset Manager Says Cryptocurrencies Could Evolve Into Global Asset

Larry Fink is the CEO of BlackRock, the world’s largest investment management firm with over $7.4 trillion USD in assets under management. Fink believes that the investing world is officially taking notice of Bitcoin and that the cryptocurrency industry as a whole has a real shot at becoming a global asset. He goes on to say that Bitcoin has “captured the imagination…” of investors, but that cryptocurrencies as a whole are still too small to make a global impact and he wonders if the ‘thin’ crypto market has room to grow.

Bitcoin Is Finally Forcing Big-Name Investors To Come Out From behind The Curtain

Just like Fink, Stanley Druckenmiller is the head of an investing firm, Duquesne Capital. Druckenmiller agrees with Fink that the cryptocurrency market is still young and very thin. But Druckenmiller believes that if gold is a good bet during times of crisis, Bitcoin will be even better. He still admits that he owns significantly more gold than he does Bitcoin, but Druckenmiller too sees that Bitcoin has the potential to grow exponentially faster than gold in value.

Fellow heavyweight investor and billionaire Paul Tudor Jones is also coming around to cryptocurrencies as an investment. Jones is on the record as of a month ago saying that investing in Bitcoin now is the equivalent to getting in early on stocks like Apple and Amazon.

The Biggest Reason Investors Are Coming Around to Bitcoin

The devaluation of the American dollar is something that is being thrown around in the news the longer and longer that the coronavirus pandemic and the stimulus packages associated with it continue to drag on. All three of the pundits noted above believed to some degree that the American dollar won’t necessarily be the reserve currency of the future the way it has been in the past.

So why would these pundits point to Bitcoin as a potential reserve currency? The simple answer is because the fundamental value of Bitcoin can’t be manipulated or artificially inflated. But the catalyst for this is not just the printing of money in North America, it’s the lack of financial stability that has already existed in other parts of the globe for years, if not decades.

It’s safe to say that the traditional financial system’s loss is Bitcoin’s gain, and the smart money is finally starting to recognize that.

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