- BlackRock's Statements on Bitcoin
- Market Trends and Indicators
- Currency Behavior and Economic Forecasts
BlackRock, the largest asset manager in the world with $9 trillion, has expressed its views on Bitcoin as a solution to growing global financial disorder.
BlackRock's Statements on Bitcoin
According to them, Bitcoin can act as a hedge against increasing uncertainty and geopolitical turmoil that's weakening trust in governments, banks, and fiat currencies.
Market Trends and Indicators
BlackRock's Bitcoin ETF has been one of the top performers since January 2024. After the fund's launch, Bitcoin's price soared to an all-time high of over $73,000. The explosive growth of the IBIT ETF and other crypto-based ETFs has been driving much of the conversation in the finance industry.
Currency Behavior and Economic Forecasts
Today, the dollar had gained 0.38% against the yen, trading at 142.905, after a dip to 140.71 the day before—the lowest since December 2023. The euro is hovering at $1.1007, not far from its weakest point since August. Similarly, the British pound has taken a hit, sitting at $1.30360, a low last seen in late August. The U.S. consumer price index (CPI) rose by 0.2%, a repeat of July’s increase. Core CPI, which excludes volatile food and energy prices, went up 0.3%, showing a faster rate of increase compared to July’s 0.2%.
Many economists now believe that the Fed will go for a smaller, 25-basis point rate cut at its meeting, with the odds of such a cut rising to 80%. The IMF has also acknowledged the beginning of the Fed’s rate-cutting cycle as necessary to help ease the economic slowdown while keeping inflation in check, cautioning that the Fed needs to stay flexible and adapt to changing economic data.
