Bitcoin went up by almost 6% after BlackRock, an important securities manager, put out a white paper talking about how it could be used to protect against monetary and global risks.
Analyst says that the price of Bitcoin rose from a daily low of $59,354 to $62,600, which is its highest amount in over three weeks. An ETF expert at Bloomberg named Eric Balchunas shared BlackRock’s nine-page report on X (formerly Twitter) on September 18.
Bitcoin Rally Gains Momentum
This gave the rally more fuel. The study calls Bitcoin a “unique diversifier” that is not affected by normal financial or geopolitical risks. It praises Bitcoin’s decentralized and permissionless nature as the first “truly open-access monetary system.”
In its white paper, BlackRock stresses how stable Bitcoin is during big geopolitical events, pointing out that its returns have been higher than those of the S&P 500 and gold prices in the past.
Based on past trends and usual gains in the fourth quarter, analysts think BTC could go up to $92,000 in the next three months. The white paper also talks about how BTC doesn’t have standard counterparty risk because it doesn’t depend on centralized systems.
Dune data shows that BlackRock has a 38% share of the BTC exchange-traded fund (ETF) market. BlackRock runs the most significant BTC ETF, which has over $21.4 billion in assets.
BlackRock says that the future use of BTC will rest on how the economy and politics change.
