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The top executives at BlackRock are beginning to sound like Michael Saylor.
In a recent paper outlining BTC’s investment case, BlackRock’s ETF Chief Investment Officer and head of crypto Robert Mitchnik called Bitcoin a unique diversifier.
The $10 trillion asset management firm sees a growing institutional demand for Bitcoin, primarily driven by growing fears of a potential collapse of the US Dollar. Indeed, BlackRock’s IBIT spot Bitcoin ETF now has an asset under management of over $20 billion, signalling strong institutional confidence.
BlackRock’s bullish thesis gives credence to the experts who claim that the BTC price will hit triple-digits in the coming months.
Bitcoin – A Geopolitical Hedge?
BlackRock isn’t the first to highlight the concerning trajectory of the US national debt and fiscal deficit. In fact, the Federal Reserve Chair Jerome Powell has previously claimed that the US is on an “unsustainable global path”.
Popular macro analyst James Lavish (@jameslavish) recently highlighted the correlation between the US GDP and debt, indicating that the US economy depends on an exponential increase in debt for each incremental unit of productivity, making the system “unstable”.
A system that relies on exponentially increasing levels of debt for each incremental unit of productivity eventually becomes so unstable that it simply collapses under the weight of its own leverage. pic.twitter.com/D5AZwKPWUh
— James Lavish (@jameslavish) September 19, 2024
However, BlackRock’s vociferous support of Bitcoin has surprised many. For instance, BlackRock’s whitepaper on Bitcoin calls it a hedge against economic and political risks.
Additionally, the paper claims that Bitcoin is largely uncorrelated with traditional investment instruments in the long term, claiming that its fundamental drivers are in contrast to those of equities.
While geopolitical risks, fiscal instability and political turmoil are bearish for traditional financial markets, BlackRock claims that these factors have been growing the institutional demand for BTC.
Notably, BlackRock CEO Larry Fink has also shifted his stance on Bitcoin, going from a “proud sceptic” to calling it the digital gold.
Meanwhile, MicroStrategy’s Michael Saylor remains ultra-bullish on Bitcoin, with his firm acquiring another $458 million worth of BTC this week.
How High Can The BTC Price Go? Predictions
The Bitcoin price is on the cusp of a major bull run. BTC already hit $64k after the Federal Reserve’s aggressive 50 bps rate cut on Wednesday.
Experts highlight that $65k remains the large major resistance for the bulls, flipping which would pave the way for new all-time highs.
In fact, a new all-time high may not take long. Data from CryptoQuant highlights Negative Coinbase Premium, which indicates a strong buying pressure on the exchange.
Macro analyst Henrik Zeberg remains confident that the BTC price will peak at $120k this cycle, which isn’t surprising considering BlackRock’s bullish thesis.
Experts Also Bullish On Meme Coins
Meme coins – excluding Dogecoin and Shiba Inu – have been showing a strong correlation with Bitcoin.
Unsurprisingly, tokens such as Brett, Pepe, Popcat and Dogwifhat are in high demand and could surprise investors with their strength, especially if Bitcoin hits triple-digits.
New low-cap meme coins are also creating a strong buzz. Indeed, the Fed’s aggressive easing is expected to create a strong uptick in market liquidity, providing the ideal backdrop for low-cap gems to deliver 100x returns.
For instance, crypto analysts believe that Pepe Unchained (PEPU) – a low-cap frog meme coin – could be the next 100x crypto.
Indeed, PEPU has defied the recent negative trend in large-cap meme coins, raising nearly $14 million in presale funding behind heavy whale buys.
Pepe Unchained’s unique features have created quite a buzz, including its Layer-2 scaling solution designed specifically for meme coin trading. PEPU holders can take advantage of low trading costs, quick transactions and high staking rewards,
The meme coin is also launching the Pepe Foundation, which will offer developer grants for new meme coins to be created on the chain.
With such heavy interest surrounding the project, it wouldn’t be a surprise if PEPU delivers 100x growth in the coming bull run.
