Blackrock’s Perspective on Bitcoin Halving: Scarcity and Market Outlook
Blackrock, the world’s largest asset manager, emphasizes the significance of the Bitcoin halving, underscoring its role in highlighting Bitcoin’s scarcity and resistance to inflationary pressures.
With assets under management totaling a staggering $10.5 trillion, Blackrock elucidates the importance of this event in a blog post and accompanying video, elucidating how the halving reduces the issuance of new Bitcoin per block, thereby contributing to its overall scarcity. Jay Jacobs, Blackrock’s U.S. Head of Thematic and Active ETFs, stresses Bitcoin’s decentralized nature and its capped supply of 21 million coins, distinguishing it from traditional fiat currencies susceptible to unlimited printing by governments or central banks.
As the cryptocurrency community anticipates the Bitcoin halving, various predictions emerge regarding its potential impact on the price of BTC. While Arthur Hayes, former CEO of Bitmex, advises caution, suggesting possible price declines following the halving, Bitfinex forecasts a significant surge in Bitcoin’s price to between $150,000 and $169,000. In contrast, analysts at JPMorgan believe that the market has already factored in the effects of the halving, warning of potential downside risks. However, Skybridge Capital’s Anthony Scaramucci remains bullish, asserting that the market has yet to fully account for the halving, indicating further upside potential for Bitcoin
Clever Robot News Desk 19th April 2024