BlackRock warns of a potential dollar crisis due to the spiraling U.S. debt.
Bitcoin price surged to $64,000 following the Fed’s 0.5% interest rate cut.
Binance’s Richard Teng welcomes BlackRock’s Bitcoin move with “believer club” remark.
BlackRock, the world’s largest asset manager, recently sounded alarm on the ballooning U.S. debt, which now tops $35 trillion, and forecasts a potential dollar crisis. Consequently, the firm is showing increasing interest in Bitcoin.
U.S. Debt Fuels Bitcoin Adoption
With a massive $10 trillion in assets under management, BlackRock is concerned about the rapid rise in U.S. federal debt, which increases by $1 trillion every 100 days. With the debt climbing, BlackRock sees rising interest from institutions turning to Bitcoin as a hedge against possible economic instability.
The company’s chief investment officer and other key leaders highlighted these concerns in a recent report, emphasizing Bitcoin’s appeal as an alternative reserve asset. While traditionally linked to risk assets like equities, Bitcoin’s core long-term drivers are distinct, offering diversification during uncertain times.
Binance executive Ri…
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