$5.7 Trln Investment Company BlackRock Says Cryptocurrency Will Be Widely Used In The Future
The world’s biggest investment company BlackRock has continued its buoyant prediction for cryptocurrency, saying it sees “wider use” in the future in its weekly commentary report released Monday, Feb. 26.
The investment management hulk with $5.7 trln in assets under its control said that it would take time for cryptocurrency’s instability to dispel so it could enter traditional investment portfolios.
“Our bottom line: We see cryptocurrencies in theory becoming more widely used in the future as the markets mature,” the report relayed.
“Thus far, for now we believe they should only be considered by those who can bear potentially complete losses.”
BlackRock stands out among fellow finance industry giants with its quietly supportive bearing on Bitcoin and other crypto assets’ investment potential.
As Cointelegraph reported late January, the corporation’s chief multi-asset strategist had gone public with comments that crypto was being kept under “close review” as an “interesting development.”
Continued interest in spite of hot-blooded periods, Isabelle Mateos Y Lago said, constituted proof there “really is something to” the singularity.
The mood contrasts sharply with some other investment devotees. This month, Berkshire Hathaway vice chairman Charlie Munger described Bitcoin as “totally unintelligent” and said investing in it was “repulsive.”
On the topic of Blockchain meanwhile, BlackRock sees similar barriers to full global economy penetration.
“A blockchain-based, single shared financial database could eradicate inadequacies and risks associated with human processes, but adoption at scale would require a massive shift in software development and a well-constructed maintenance model,” it added.
“…Blockchain needs to overcome significant hurdles to reach its promising future.”