Crypto

The Shift in Investment Terrain: BlackRock’s Welcoming Stance on Cryptocurrency

Published

3 months ago

July 15, 2023

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In a recent development, Larry Fink, the head of BlackRock, the globe’s most substantial asset manager, has voiced a favourable view on the escalating interest in digital currencies among conventional gold investors. This change in viewpoint signifies a notable landmark in the ever-changing world of global finance, marking the rising acceptance of cryptocurrencies by mainstream financial entities.

In the preceding half-decade, Fink has noticed a growing intrigue among gold investors regarding the possible role of digital currencies in their investment mix. This pattern reflects a wider transition in the investment sphere, with an increasing number of individuals and institutions starting to acknowledge the potential of digital assets.

A significant catalyst propelling this shift is the equalizing influence of exchange-traded funds (ETFs). Similar to how ETFs have democratized access to gold for a broader spectrum of investors, they could potentially replicate this for the cryptocurrency market. The advent of crypto ETFs could widen the market’s reach, simplifying the process for average investors to acquire exposure to digital assets.

Fink also drew attention to the recent devaluation of the US dollar and its appreciation over the preceding five years. He stressed that a global crypto product could act as a safeguard against these currency oscillations. This viewpoint emphasizes the potential of digital currencies to serve as a reservoir of value, akin to gold, during periods of economic instability.

BlackRock’s recent action of submitting a proposal to register a spot Bitcoin ETF with a surveillance-sharing agreement attests to the escalating interest in digital currencies. If the US Securities and Exchange Commission (SEC) gives the green light, this could lay the groundwork for the inaugural spot Bitcoin ETF in the US, signifying a notable landmark in the crypto sector.

This action is in harmony with BlackRock’s objective of developing accessible and cost-efficient investment offerings. Fink is of the opinion that the firm has an obligation to make investing more democratic, and the launch of a Bitcoin ETF could be a substantial stride towards fulfilling this aim.

Intriguingly, Fink’s present positive stance on digital currencies marks a shift from his earlier doubts. In 2017, he associated the popularity of digital currencies with illicit money circulation. Yet, the escalating client curiosity and the soaring worth of cryptocurrencies have led BlackRock to reassess its position and contemplate the prospect of penetrating the market.

Fink also underscored the portfolio diversification advantages of digital currencies. He posits that due to its global character, Bitcoin can surpass any single currency, presenting a distinct value proposition for investors aiming to broaden their investment mix.

Although Fink avoided delving into the particulars of the spot Bitcoin ETF due to the ongoing SEC filing procedures, he guaranteed that BlackRock would place the safety and safeguarding of any market it ventures into at the forefront. This dedication to security is vital, considering the inherent hazards linked to the unpredictable nature of the crypto market.

BlackRock’s recent results for the second quarter further highlight the firm’s financial strength. The company announced adjusted earnings per share of $9.28 on a revenue of $4.46 billion, with the assets they manage now surpassing the $9 trillion mark.

Fink’s endorsement of Bitcoin has remained steady since BlackRock lodged a proposal for a spot ETF. He has praised Bitcoin for its capacity to revolutionize the financial industry, likening it to a digital form of gold.

In essence, BlackRock’s entry into the realm of digital currencies signifies the onset of a fresh chapter in the investment sector. With the potential sanction of a spot Bitcoin ETF in sight, the future of digital assets appears bright. As more conventional financial entities like BlackRock adopt digital currencies, it’s evident that these assets are becoming a fundamental component of the worldwide financial structure.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CoinReporter.io and EUReporter.co does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Terra Luna Classic’s Evolving Journey: Aiming to Anchor USTC at $1

Published

1 week ago

September 21, 2023

Lee Thompson

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In the ever-shifting realm of digital currency, Terra Luna Classic takes another notable step. The community has given the green light to halt all processes involving creating and recreating their stablecoin, USTC. Their primary goal? Re-establish USTC’s parity with the dollar and reinvigorate LUNC, Terra Luna Classic’s foundational cryptocurrency. This decision not only bolsters USTC’s standing but also paves the way for big players like the crypto trading platform, Binance, to consider USTC disposal.

Proposal 11784, known as the “Halt USTC Production & Recreation,” caught the eyes and ears of many. A significant 55% endorsed the move, 38% declined, with the remainder opting for a neutral stance. Reaching this agreement wasn’t simple, especially given the myriad of voices involved. Bypassing the minimum approval mark, the community’s backing for this trajectory became evident.

Digging into the vote dynamics, it’s clear where allegiances lay. Out of 35 decision-makers, prominent entities like HappyCattyCrypto, DFLunc, 1maxfee, JESUSisLORD, StakeBin, and Lunanauts were supportive. Yet, it’s crucial to highlight that Allnodes, a dominant figure, didn’t share this enthusiasm. Although participation wasn’t at its peak, a dominant consensus emerged. With the proposal’s acceptance, platforms like Binance now can contemplate USTC disposal, as its creation processes cease. Another proposition even nudges Binance to dispose of a 50-50 split of USTC and LUNC.

However, despite these audacious moves, market indicators for both Terra Luna Classic and USTC signal turbulence. Amidst vital community updates, both digital assets witnessed downtrends. LUNC saw a modest 1% rise recently, settling at a value of $0.000057. Its 24-hour range fluctuated slightly from $0.0000566 to $0.0000582. Conversely, USTC’s performance dipped, declining 1% to a present value of $0.012. Furthermore, trade activities for USTC diminished by 36% within a day.

Whispers within the community suggest reservations about the efficacy of Terra Luna Classic’s development squad. Some speculate that they might not be adequately steering the platform, the communal treasury, or key updates.

The digital currency landscape is notoriously inconsistent, with shifts spurred by choices, market vibes, and tech developments. As Terra Luna Classic forges ahead with its initiatives, it’s uncertain how the landscape will adjust, particularly in relation to USTC’s valuation and ecosystem vitality.

Nevertheless, the essence of communal consensus can’t be overlooked. Terra Luna Classic, despite hurdles, showcases its dedication to stability and value with its USTC decision. As the crypto world morphs, the strategies of Terra Luna Classic will be under the lens of investors and aficionados. The future holds the answer to whether their endeavours align with the unpredictable ebb and flow of the crypto cosmos.