BlackRock's white paper ignites the market! The truth behind Bitcoin's $62,600 jump
BlackRock, the world's largest asset management company, recently released a white paper on Bitcoin, arguing that Bitcoin, as a digital asset, has the potential to hedge currency and geopolitical risks. After the release of this report, the price of Bitcoin rose by nearly 6%, and the price once exceeded $62,600.
In the white paper, BlackRock proposed that Bitcoin can be regarded as the world's first "truly open currency system" because of its decentralized and permissionless characteristics. It is not affected by traditional fiscal and geopolitical risks, so Bitcoin is a unique diversified investment tool for investors.
Before the release of the white paper, the price of Bitcoin was about $59,354. After the release, the price of Bitcoin began to rebound, once exceeding $62,600.
Some analysts predict that Bitcoin may rise to $92,000 in the next three months, and this upward trend may start in October.
BlackRock's white paper emphasizes the decentralized nature of Bitcoin, arguing that this makes Bitcoin an asset that is uncorrelated with banking system crises, sovereign debt crises, currency devaluation, geopolitical chaos, and other political and economic risks in specific countries.
BlackRock also shared a chart showing how Bitcoin's returns have outperformed the S&P 500 and gold prices during major geopolitical events in history, demonstrating Bitcoin's resilience.
BlackRock believes that Bitcoin's adoption path will be affected by macroeconomic concerns such as global currency instability, geopolitical disharmony, U.S. fiscal sustainability, and U.S. political stability.
The release of this white paper not only provides confidence to Bitcoin investors, but also shows BlackRock's recognition and attention to the digital asset field. As more traditional financial institutions begin to pay attention to and invest in Bitcoin, Bitcoin's mainstream acceptance may further increase.
