Bitcoin Could Become a Store of Value but Has to Prove Itself: BlackRock CEO

In a recent interview, BlackRock founder, and CEO, Larry Fink was asked to share some of his opinions about Bitcoin (BTC). Fink stated that he sees a bright future for the benchmark cryptocurrency and that it could become a reliable store of value, but Bitcoin still has to prove itself.

Fink described the BTC space as a “very small market,” noting that it could grow to significant levels with relatively little movement of funds. However, he added that the market is not for calm investors and that the cryptocurrency has gained significant popularity despite being a small asset category.

Fink stressed that despite its popularity, Bitcoin is yet to be tested from investors’ point of view. He also took a swipe at the cryptocurrency’s infamous volatility.

The CEO stated that “(Bitcoin) is still untested. It has huge volatility moving in 5-6% increment with small-dollar investments moving it. For anything like that to be truly successful, it’s going to have to have a broadening of the market.”

Finally, the CEO of the world’s largest investment firm noted that the Wall Street organization is entertained by the whole BTC conversation in the media. He believes that Bitcoin, or some other forms of digital currency, will play a crucial role in the future of finance and the global economy.

Meanwhile, in November last year, another BlackRock executive made some bold remarks about the future of Bitcoin. The CIO of BlackRock, Rick Rieder, noted that the primary cryptocurrency could replace gold in the digitized world.

Key BTC Levels to Watch — January 29

Bitcoin recorded a massive spike today, mostly because of a recent endorsement from the world’s richest man, Elon Musk. Although BTC was already on its way to recovery above the $33k level yesterday, the announcement fueled the price recovery even further, causing the cryptocurrency to hit a ten-day high at $38,665. However, Bitcoin has since retraced to the $35k area over the past few hours.

Nonetheless, we expect the cryptocurrency to stabilize around the $33k mark before attempting a rebound.

Meanwhile, our key resistance levels are at $36,000, $37,000, and $37,827. While our key support levels are at $35,000, $34,100 and $33,000.

Total Market Capitalization: $997 billion

Bitcoin Market Capitalization: $637 billion

Bitcoin Dominance: 63.8%

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