Category Archives: Bitcoin
Bitcoin clean energy usage reportedly exceeds 50% Will Tesla start accepting BTC payments? – Cointelegraph
Elon Musk said in 2021 that Tesla would accept Bitcoin payments once miners were using roughly 50% clean energy sources with positive future trend a benchmark that may have recently been met.
In a Sept. 14 thread on X (formerly Twitter), Bloomberg analyst Jamie Coutts reported the percentage of Bitcoin (BTC)mining energy coming from renewable sources had exceeded 50% with falling emissions plus a dramatically rising hash rate. According to Coutts, the push toward renewable energy sources was the result of miners dispersing from China in the wake of the countrys mining ban starting in 2021, as well as certain nations turning to mining to monetize stranded and excess energy.
Countries investing in BTC mining include El Salvador which has also recognized the cryptocurrency as legal tender since 2021 Bhutan, Oman and the United Arab Emirates. The 50% energy benchmark could mean a greater move toward adoption by one of the biggest companies in the world.
Related: Teslas diamond hands: EV maker's Bitcoin holdings see no change in Q2
Musk the CEO of Tesla, owner of X and founder of SpaceX announced Tesla would stop accepting BTC payments in May 2021, citing the rapidly increasing use of fossil fuels for Bitcoin mining and transactions at the time. Since establishing a sustainable energy source threshold of 50% for when the firm would resume payments, Musk acknowledged that there was a positive trend toward green energy sources but hasnt changed Teslas policy.
The Tesla CEO did not appear to have publicly announced any move to resume BTC payments. At the time of publication, the price of Bitcoin was $26,572, having risen more than 2% in the last seven days.
Magazine: Bitcoin is on a collision course with Net Zero promises
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Bitcoin clean energy usage reportedly exceeds 50% Will Tesla start accepting BTC payments? - Cointelegraph
Weekly Market Wrap: Deutsche Banks crypto move propels Bitcoin to US$26,750 – Yahoo Finance
Bitcoin rose 3.08% from Sept 8 to Sept. 15, to US$26,625 as of 6:45 p.m. Friday in Hong Kong. The worlds largest cryptocurrency by market capitalization has been trading below US$30,000 since Aug. 9, according to CoinMarketCap data. Ether, the worlds second-largest cryptocurrency, rose 0.21% over the week to US$1,628.
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German banking giant Deutsche Bank partnered with Swiss crypto firm Taurus to offer Bitcoin and crypto custody solutions to institutional clients, the Swiss firm announced on Thursday. This means that for the first time, the US$1.3 trillion asset manager will be able to hold a limited amount of crypto on behalf of clients and offer tokenized versions of traditional financial assets.
Bitcoin rose to a weekly high of US$26,750 on Friday, bolstered by the announcement from Germanys largest lender, according to Phillip Lord, president of the crypto payment app Oobit.
The trend towards more product launches and more geographical diversity in relation to cryptocurrencies is a fact, it is happening, whether in the Lions City, El Salvador, Germany, or the U.S.
Markets always do what they are poised to do, but never when. Hence, while we are optimistic about seeing the US$30,000 barrier soon, we wouldnt make a clear projection that this would happen in the second half of September, added Lord.
Last Friday, the U.S. Securities and Exchange Commission (SEC) appealed Julys summary judgment that said Ripples XRP sales to institutional investors violated securities laws, but sales on public exchanges to retail investors did not.
Image: Flickr
It seems that the SEC is quite unhappy with the summary judgment and is trying to exhaust all means to get a ruling in its favor, Jonas Betz, crypto market analyst and founder of consultancy firm Betz Crypto, told Forkast.
It is a common legal procedure to try to challenge decisions, but in my opinion, it will come to nothing in this case. The XRP token may see higher volatility in the coming weeks, but a broad decline in investor sentiment is unlikely.
Story continues
While the SECs appeal didnt come as a surprise, investor confidence took a hit, with Bitcoin falling to a weekly low of US$25,060 on Monday, three days after the agencys legal action.
Tuesday brought positive developments for investors, after Standard Chartereds crypto custody arm, Zodia Custody, launched services in Singapore for financial institutions.
Standard Chartereds move indicates growing institutional acceptance towards crypto, according to Manuel Ferrari, the co-founder of Money On Chain, the first Bitcoin-backed stablecoin protocol on Rootstock.
This move could potentially signal the start of a growing trend for more large institutions to enter the market. As one of the worlds leading financial institutions, Standard Chartereds entry into the crypto space lends credibility and legitimacy to digital assets, wrote Ferrari, in a statement shared with Forkast.
Image: Standard Chartered
The same day, Franklin Templeton, a holding company with US$1.52 trillion in assets under management, filed for a spot Bitcoin exchange-traded fund (ETF) application. This only brought temporary relief for investors, considering that the SEC delayed the decision on several such ETF applications, including the ones from BlackRock and WisdomTree.
Two days after the news, Bitcoin recovered to US$26,529 on Thursday, which could pave the way to more upside momentum in September, according to Kadan Stadelmann, chief technical officer of blockchain infrastructure development firm Komodo.
There is a growing sentiment that Bitcoin could rally back above US$30,000 in the coming month, wrote Stadelmann.
However, Ferrari expects Bitcoins recovery to be short-lived.
The recent rebound in Bitcoins price has set the stage for a temporary bounce in price, likely to the US$28,000 level. That will likely be short-lived, however, as Bitcoin is likely to experience further downward pressure in the coming months, wrote Ferrari.
On the macroeconomic front, the release of the U.S. consumer price index (CPI) showed that inflation posted its biggest monthly increase this year, rising 0.6% for August and 3.7% from a year ago.
Image: Envato Elements
Bitcoin Cash was this weeks biggest gainer in the top 100, rising 13.23% to US$217.14. The token started picking up pace on Tuesday as the wider crypto investor sentiment was improved by the launch of Standard Chartereds crypto custody wing.
Rune, the native governance token of the ThorChain network, was this weeks second-biggest gainer, rising 11.53% to US$1.75. The coin started picking up momentum on Wednesday and has been receiving increased investor interest since lending went live on the protocol on Aug. 21.
See related article: Grayscale wins against SEC as India moves on blockchain; Friend.tech loses friends
Bitcoins double-bottom technical formation, which printed its first leg down on June 15 and the second one this week, is a bullish sign for the short term, according to Lucas Kiely, the chief investment officer of digital asset platform Yield App.
While Bitcoin is likely to trade lower in the coming months, the double bottom signals a short-term bullish trend for Bitcoin. If Bitcoin manage to close the week above the resistance of approximately US$25,000, it signals strong short-term support, wrote Kiely, adding that Bitcoin could see considerable bullish momentum if it returned to US$30,000 in September.
In the macroeconomy, investors will be looking forward to the Federal Reserves next interest rate decision on Wednesday. The CME FedWatch Tool predicts a 97% chance the central bank will maintain the current rate unchanged in September, up from 92% one week ago. It gives a 67.2% chance for another pause in November.
See related article:Indias G20 Presidency, Blockchain Week & Singapores new President
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Weekly Market Wrap: Deutsche Banks crypto move propels Bitcoin to US$26,750 - Yahoo Finance
Binance CEO Issues Frank Warning As Fears Swirl Of An Imminent Bitcoin, Ethereum And Crypto Price Crash – Forbes
BitcoinBTC, ethereum and crypto are teetering on the brink of disaster, with market watches warning of a looming price crash.
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The bitcoin price, which has lost momentum after rocketing higher through the first half of this year, has printed an ominous "death cross" pattern along with the ethereum price.
Now, after the chief executive of Coinbase revealed an "important" bitcoin update this week, Binance CEO Changpeng "CZ" Zhao has issued a "frank" warning over disappearing "fiat ramps" that could weigh on the entire bitcoin, ethereum and crypto market.
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Appearing at a Singapore crypto conference, CZ was asked what the biggest challenges would be in bringing the next 100 million users into the bitcoin, ethereum and crypto market.
"Today, to be very frank, it's actually fiat ramps," CZ said in comments reported by Insider, referring to how people move money from traditional banks to crypto exchanges. "With tightening regulations in the earlier part of this year, we're seeing a lot of traditional institutions that used to provide fiat ramp channels pull away."
A U.S. banking crisis earlier this year that forced the closing of crypto-friendly Silvergate, Signature and Silicon Valley banks has pushed many exchanges and crypto companies offshore in search of banking partners.
Despite Wall Street giants like BlackRockBLK and Fidelity expanding their bitcoin and crypto services, many banks are increasingly unwilling to do business with crypto companies that have had their reputations tarnished by the bitcoin and crypto market price crash and implosion of major exchange FTX.
The traditional financial service sector pull-back from the crypto market has been branded "Operation Choke Point 2.0" by some in the crypto industry who fear it's been directed by the U.S. government and regulators. The original 2013 Operation Choke Point was a U.S. Department of Justice initiative to discourage banks from working with firearm dealers, payday lenders, and other companies believed to be at a high risk for fraud and money laundering.
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Meanwhile, the Securities and Exchange Commission (SEC) has been pursuing a campaign of heavy-handed enforcement action against crypto companies, including Binance, the world's largest crypto exchange by volume.
In June, the SEC sued Binance, its U.S. arm and rival U.S. platform Coinbase, alleging they had violated securities rules.
Binance.US's chief executive Brian Shroder abruptly departed the company this week, quitting at the same time as the exchange axed one-third of its staff. Just days later, Krishna Juvvadi, head of legal, and Sidney Majalya, chief risk officer, left the company, the Wall Street Journal reported, citing anonymous sources.
Last week, a top Federal Reserve official, Michael Barr, has warned he's "deeply concerned" about the $120 billion stablecoin market that's exploded over the last few yearswhich is closely linked to the price of bitcoin, ethereum and other major cryptocurrencies.
I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.
FTX Gets Court Approval to Sell Billions in Bitcoin, Ethereum and Solana – Decrypt
Collapsed digital asset exchange FTX was today given the green light to sell billions in crypto assets by the judge overseeing its bankruptcy proceedings.
Judge John Dorsey on Wednesday approved that the defunct crypto brand can now sell $3.4 billion in Solana, Ethereum, Bitcoin, and other assets at the U.S. Bankruptcy Court for the District of Delaware.
The companys plan for offloading the assets, first outlined in August, will appoint Mike Novogratzs Galaxy Digital as the investment manager overseeing the sale. According to the plan, FTX will cap its selling at $100 million worth of tokens per week, a limit that could be increased to $200 million on an individual token basis.
Judge Dorsey will allow FTX to raise its weekly maximum if the company gets written authorization from the court. But a footnote on the order clarifies that sales of Bitcoin, Ethereum, stablecoins, and the redemption of stablecoins will notcount towards the $100 million weekly limit. Calculation of the limit will also exclude transactions made to bridge tokens from non-native blockchains back to their native networks.
FTX quickly and unexpectedly went bankrupt last November due to alleged criminal mismanagement.
Billions of dollars in customer cash disappeared and now the exchanges new management now is working to pay back creditors. Selling these assets will help plug the hole, which originally stood at $7 billion.
A Monday court filing showed that FTX owns $1.16 billion in Solana (SOL), $560 million in Bitcoin (BTC), $192 million in Ethereum (ETH), and $137 million in Aptos (APT). The crypto prices in the court document are based on pricing from August 31.
Some $800 million in cash and public equity has already been recovered.
Ex-CEO and co-founder of FTX Sam Bankman-Fried is awaiting a massive criminal trial in October after his crypto behemoth went bust last year.
Feds arrested and hit the fresh-faced ex-Jane Street trader and MIT graduate with 13 criminal charges, including wire fraud, securities fraud, conspiracy to commit bank fraud, and defrauding the Federal Election Commission.
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FTX Gets Court Approval to Sell Billions in Bitcoin, Ethereum and Solana - Decrypt
Bitcoin Critique: ‘Black Swan’ Author Courts Controversy With Provocative Take – Bitcoinist
Black Swan author Nassim Nicholas Taleb unleashed a barrage of criticism directed at Bitcoin, particularly targeting its commonly touted advantage: a finite supply of 21 million coins.
Talebs comments have created a stir within the cryptocurrency community and prompted a closer examination of Bitcoins intrinsic value.
On the social media platform X, Taleb minced no words, lambasting what he termed bitdiots individuals who believe that the mere scarcity of an asset automatically makes it a sound investment.
According to Taleb, the fundamental confusion lies in equating necessary with sufficient. In his view, there are countless items with restricted supplies that hold little to no value in the market. He humorously pointed out examples such as pebbles from Skorpios, underwear worn by Churchill, books owned by Cary Grant to illustrate his point.
Talebs perspective is a departure from his earlier stance as a Bitcoin supporter. He was initially intrigued by Bitcoin during the global financial crisis and the WhatsApp Revolution in his home country, Lebanon. However, over time, Talebs enthusiasm waned, leading him to view Bitcoin as neither a safe haven nor a viable asset.
Bitcoins limited supply and digital scarcity have led many to consider it as a potential store of value, similar to gold. Some investors and institutions view it as a digital gold that can preserve wealth over time.
A store of value is an asset that can retain its purchasing power over extended periods. Bitcoins limited supply and decentralized nature appeal to those who seek an alternative to traditional stores of value, especially in times of economic uncertainty.
This isnt the first time Taleb has criticized the cryptocurrency market. Earlier this week, he decried attempts to artificially bolster market prices, stating, You may artificially prop up the price; you may paint the tape by coordinated manipulation. But in the end, the market is a market, an idiot is an idiot, & youth, inexperience, & ignorance are not virtues.
Taleb has consistently referred to Bitcoin as a magnet for idiots and likened the cryptocurrency market to a tumor. He prophesied that it would either kill the host or self-destroy. These searing criticisms underscore his belief that Bitcoins allure is driven more by speculation and hype than any inherent value.
As the cryptocurrency community grapples with Talebs unorthodox perspective, its clear that the debate surrounding Bitcoins value proposition continues to evolve.
The authors critique serves as a stark reminder that the cryptocurrency landscape is far from settled, with passionate proponents and critics offering contrasting viewpoints on its future trajectory.
Featured image from Norvan Reports
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Bitcoin Critique: 'Black Swan' Author Courts Controversy With Provocative Take - Bitcoinist
Should you buy Bitcoin in September? – Finbold – Finance in Bold
As we now hit the halfway mark of September as the month unfolds, prospective investors are facing a crucial question: Is it the right time to buy Bitcoin (BTC)?
Finbold has delved into various factors that could influence your decision, keeping in mind that cryptocurrency investments are inherently volatile and carry risks.
While there are no certainties in the world of cryptocurrencies, several factors suggest that Bitcoin might be gearing up for a noteworthy end to the month.
At the time of writing, Bitcoin is trading at $26,647, marking a 1.5% increase on the day and a 2% gain over the week. With Bitcoins all-time high of $69,000 still fresh in memory, the current price appears relatively undervalued. This discrepancy raises the possibility of a potential rebound in the future.
The cryptocurrency market has endured a challenging period since 2022, characterized by a persistent bearish trend. However, there are indications that this gloomy phase may be coming to an end. Bitcoin, as the leading cryptocurrency, tends to set the tone for the entire market. Thus, any sign of recovery in Bitcoin can be seen as a positive signal for the broader crypto landscape.
One development in the crypto world would be the approval of the first Bitcoin spot exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC).
A regulatory green light paves the way for easier and more secure Bitcoin investments. As the accessibility of Bitcoin increases, its likely to attract a broader range of investors, potentially driving up demand for the cryptocurrency.
Bitcoins price is currently oscillating between a $26,028 support level and a $27,176 resistance level. These levels can provide essential guidance for traders and investors. Bitcoins current trading position below its 200-day simple moving average is a noteworthy technical indicator. Historically, when Bitcoin falls below this threshold, it has often been considered undervalued, signaling potential upward movement.
The machine learning algorithms at PricePredictions forecast that Bitcoin could reach $27,288 by the end of September, offering a potential profit opportunity for those who invest now.
CoinCodex, on the other hand, predicts an even more bullish scenario, with a month-end target of $31,571.
Over the past year, Bitcoin has shown remarkable resilience and growth potential. Despite enduring the ebbs and flows of the volatile crypto market, BTC has managed to secure a 32% increase in its value. This performance suggests that even amidst the uncertainties and fluctuations, the flagship digital asset has consistently attracted investors and retained its position as the leading cryptocurrency.
Bitcoins enduring dominance in the cryptocurrency realm becomes evident when examining its performance against its peers. Over the past year, BTC has outperformed an impressive 87% of the top 100 cryptocurrencies.
Over the past 30 days, Bitcoin has exhibited some volatility, with only 12 green days. This short-term variability is characteristic of the cryptocurrency market. However, its essential to keep in mind that Bitcoin is down 61% from its all-time high.
For some investors, this decline may signal a favorable entry point, particularly if they maintain a long-term perspective and believe in the cryptocurrencys continued growth potential.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Should you buy Bitcoin in September? - Finbold - Finance in Bold
Bitcoin to the moon? BTC to target $46k as new ATH brews – Finbold – Finance in Bold
With the majority of the cryptocurrency market slowly moving to reverse the losses suffered in the previous dip, Bitcoin (BTC) is no different, and cryptocurrency experts agree that more price gains, perhaps even a new all-time high (ATH), could be in store.
Indeed, pseudonymous crypto analyst Trader Tardigrade said that the next target for Bitcoin could be $46,000, based on the linear chart that has demonstrated a similar track in the period between 2018 and 2021, according to the analysis shared on September 15.
Earlier, the crypto expert projected that the flagship decentralized finance (DeFi) asset would witness a parabolic rally and perhaps even reach a new record, stating that Bitcoin has never lost its track and that the new Bitcoin ATH is brewing in this post-Shakeout Bull Run.
Additionally, in the most recent post on social media, he highlighted that $30,000 would be a foundation for Bitcoins takeoff toward the new ATH. Specifically, as he explained:
Before reaching ATH, BTC will pullback to $30k. $30k will be the new floor!!
At the same time, a renowned crypto trading expert Michal van de Poppe stressed that Bitcoin might be ready to start the bull cycle if it holds above the 200-week [exponential moving average (EMA)], and it should hold above that level, arguing that its the best period of the cycle to accumulate your altcoins.
It is also worth noting that another crypto analyst, thescalpingpro or Mags, shares the optimistic sentiment, posting a chart that demonstrates the cryptos movements each halving cycle, and announcing the Bitcoin Bull Run Incoming, as Stockmoney Lizards observed textbook Wyckoff behavior, preceding a price run toward $35,000 in 2024.
Meanwhile, Bitcoin was at press time changing hands at the price of $26,455, recording a 0.08% advance in the last 24 hours and gaining 2.42% across the previous seven days while still recording a loss of 9.14% on its monthly chart, as the latest data indicates.
All things considered, whether the maiden digital asset truly manages to demonstrate the price action predicted by the above crypto experts will depend on many different factors, including market sentiment, technical analysis (TA) indicators, and related developments.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
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Bitcoin to the moon? BTC to target $46k as new ATH brews - Finbold - Finance in Bold
Bitcoin price all-time high will precede 2024 halving New prediction – Cointelegraph
Bitcoin (BTC) has a $250,000 target for after its next block subsidy halving but new all-time highs will come sooner.
That is the latest BTC price prediction from BitQuant, the popular social media commentator who sees a rosy future for the largest cryptocurrency.
In his latest post on X (formerly Twitter) on Sep. 15, the pseudonymous central banker and Bitcoiner revealed a pre-halving target above $69,000.
No, Bitcoin is not going to top before the halving, he wrote in part of commentary.
Bitcoin has just over six months before the halving, the event which cuts miner rewards earned per block by 50% every four years.
Analysts argue that the resulting emission restrictions have a cathartic impact on BTC price performance, acting as something of a springboard in advance of Bitcoin seeing new all-time highs.
For BitQuant, however, that alone is not bullish enough. Not only will Bitcoin beat its current record, set in 2021, before next April it will go on to hit $250,000 per coin after the next halving cycle begins.
No, BTC is not going to $160K because the magnitude of every pullback is large, he continued.
As Cointelegraph reported, market participants are highly divided when it comes to how BTC price action will play out into the halving and beyond.
Related: Wen moon? Bitcoin halving cycle hints at Q4 as smart money buys the rumor
Some agree that higher levels are possible by April, but plenty of conservative voices remain.
Last month, Bitcoin investor and author Jesse Myers dispelled any idea that BTC/USD will be trading at six figures between now and then.
In a subsequent interview with Cointelegraph, meanwhile, Filbfilb, co-founder of trading suite Decentrader, gave a pre-halving BTC price ceiling of $46,000.
Assuming no black swan event, around $35,000 by the end of the year and possibly as high as $46,000 some time pre-halving in Q1 2024, he said.
Bitcoin traded at around $26,400 on Sep. 15, up 1.3% in September so far, per data from monitoring resource CoinGlass.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Bitcoin price all-time high will precede 2024 halving New prediction - Cointelegraph
Bitcoin ATM Company Forfeited Over $1 Million for Conspiring to … – Department of Justice
SACRAMENTO, Calif. Folsom company Amani Investments LLC, which operated Coinucopia kiosks that exchanged U.S. currency for Bitcoin, forfeited $1 million in currency, a Mercedes-Benz, Bitcoin, and other items for its criminal efforts to avoid reporting requirements under the Bank Secrecy Act, U.S. Attorney Phillip A. Talbert announced.
In February 2023, Amani Investments LLC, doing business as Coinucopia, pleaded guilty to conspiring to avoid filing Currency Transaction Reports (CTRs) that are required under federal law. The federal Bank Secrecy Act was enacted by Congress to combat the laundering of criminal proceeds, and it requires money services businesses to report each transaction involving more than $10,000 in currency. Willful violation of the requirement to file these reports, commonly called CTRs, is a federal criminal offense.
According to court documents, on multiple occasions Amani Investments exchanged over $10,000 in U.S. currency for Bitcoin without filing a CTR, as required by the Bank Secrecy Act. Many transactions were conducted during face-to-face exchanges of more than $10,000 in cash for Bitcoin with a Managing Officer of Amani Investments, all without the filing of a CTR. In total, approximately $1 million was involved in the crime. Today the court finalized Amani Investments forfeiture order, which included a Mercedes-Benz E63, Bitcoin, gold coins, and $1 million in United States currency.
Federal currency transaction reporting requirements are intended to protect our financial system from the influx of criminal proceeds, said U.S. Attorney Phillip A. Talbert for the Eastern District of California. The U.S. Attorneys Office will continue to hold accountable those who seek to evade these requirements.
Todays sentence holds Amani Investments, dba Coinucopia, a registered Money Service Business, accountable for violating the Bank Secrecy Act, said Tatum King, Special Agent in Charge, HSI San Francisco / NorCal. We know that money is the lifeblood of criminals as evidenced by the $1 million forfeiture, which is why it is a primary focus for HSI across all of our investigative programs. We appreciate the work of HSI personnel with FBI, USPIS, DEA, IRS-CI, USAO Eastern District, and Sacramento County Sheriffs Office who worked this multi-year case collaboratively and resulted in the substantial forfeiture of ill-gotten gains.
This case is the product of an investigation by Homeland Security Investigations (HSI), as part of the Northern California Illicit Digital Economy (NCIDE) Task Force, consisting of agents from HSI, the U.S. Postal Inspection Service, the Federal Bureau of Investigation, the Internal Revenue Service Criminal Investigation, the U.S. Postal Service Office of Inspector General, and the Drug Enforcement Administration. The NCIDE Task Force is a joint, federal task force focused on targeting all forms of dark web and cryptocurrency criminal activity in the Eastern District of California. Assistant U.S. Attorneys Robert C. Abendroth and Veronica M.A. Alegra prosecuted the case.
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Bitcoin ATM Company Forfeited Over $1 Million for Conspiring to ... - Department of Justice
BlackRock rumored to shift crypto focus from Bitcoin to XRP By … – Investing.com
Investing.com
Published Sep 15, 2023 01:52AM ET
In the ever-evolving cryptocurrency landscape, rumors suggest that BlackRock (NYSE:BLK), the world's largest asset manager with over $9 trillion in assets under management, may be reassessing its digital asset strategy. The financial giant is speculated to be considering a shift in focus from Bitcoin, the leading digital currency, to XRP, a digital asset primarily known for its payment protocol.
Several factors are believed to be driving this speculated shift, including the changing regulatory environment surrounding cryptocurrencies, advancements in technology, and a possible intention to diversify their digital asset portfolio. While these rumors remain unconfirmed, they could carry substantial implications for the broader digital asset landscape if proven accurate.
XRP has been steadily gaining traction in financial circles due to its potential applications in various financial services, particularly in cross-border transactions. A pivot by BlackRock towards XRP could not only increase the digital asset's market value but could also significantly enhance its credibility within the financial services sector.
This possible shift in BlackRock's investment strategy could also reflect a broader market trend as the cryptocurrency landscape matures. Both retail and institutional investors are increasingly diversifying their portfolios to include a variety of digital assets. This development potentially opens up opportunities for alternatives to Bitcoin, which despite being a pioneer in the crypto world, has grappled with challenges related to scalability and environmental concerns.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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BlackRock rumored to shift crypto focus from Bitcoin to XRP By ... - Investing.com