Forbes Says JP Morgan and BlackRock Will Drive the Next Bitcoin Bull Run
BlackRock and JPMorgan are leading financial institutions in the USA. However, the two firms are also said to be the leading companies in the cryptocurrency sector. The blockchain industry has experienced ups and downs since its introduction of Bitcoin in 2009.
However, Bitcoin has given rise to thousands of digital currencies and laid the foundation for DeFi markets. Over the years, the blockchain sector has morphed into a multi-trillion dollar investment sector. On this account, various investors have classified Bitcoin as digital gold.
Entry of Financial Giants in the Crypto Sector
At the same time, many investors adding Bitcoin and other altcoins to their investment portfolios as a hedge against inflation. A recent article in Forbes has shed some light on the involvement of two financial giants namely JP Morgan and BlackRock.
The article projects that the next Bull Run for blockchain investment sector will be led by the aforementioned institutions. The report has also said the same about two popular digital coins Ethereum and XRP. As per the article projections, the cryptocurrency market is said to experience massive surges in the upcoming months.
Forbes Predicts the Next Crypto Bull Run Market
Forbes has asserted that BlackRock and JP Morgan are working on building the foundation for the upcoming Bitcoin surge. The surge of Bitcoin has historically made a positive impact on the price movement of the remaining cryptocurrency markets as well.
Therefore, the article has suggested that digital coins such as ETH and XRP are also going to get a value boost alongside Bitcoin in the coming months. Bitcoin prices surged following the publication of false reports leading the currency to reach $30K before going back to $28K levels.
The article retains that the cryptocurrency sector is going to experience a massive earth quack started by BlackRock in the ongoing month. The fake report iterated that the Securities and Exchange Commission has already approved the Bitcoin Spot ETF application by the firm. However, the publication later edited and removed the article.
At the same time, investors have started to take an increasing interest in the approval of Bitcoin Spot ETF applications. Most investors in the cryptocurrency sector were already more invested in all updates about the Bitcoin spot ETF application following the filing of BlackRock earlier this year.
BlackRock and JP Morgan are Increasing Stakes in the Cryptocurrency Sector
Forbes report claims that BlackRock is the first Wall Street giant to use the blockchain-backed collateral segment from JP Morgan.
The step is in accordance with the statement from BlackRock CEO, Larry Fink that this will morph into the next generation for markets. He has termed digital currencies as the evolution of traditional money.
As per media reports, he has maintained a positive stance on the crypto sector since last year. He also said that digital currencies are essential tool within the financial sector and retained that developments in the digital asset space are very interesting.
Forbes article claims that the Bitcoin Bull Rally will generate substantial returns for cryptocurrency investors. The article shared that XRP whale accounts holding between 100K to 100M tokens, increased their accumulation since last year. Forbes contributor Billy Bambrough hinted that there is a massive upswing propagated by the aforementioned financial institutions.
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