Crypto Blog
BlackRock CEO Larry Fink praises the Bitcoin network, citing pent-up interest in crypto and a flight to quality as drivers of the recent rally.
The ongoing trial of Sam Bankman-Fried highlights the narrative that decentralized cryptocurrencies like Bitcoin are more reliable and of higher quality, leading to a “flight to safety” amid market turmoil and inflation concerns, as noted by analysts.Furthermore, the CEO of the world’s largest hedge fund, with over $9.4 trillion in AUM , said this October’s stunning Bitcoin rally is “beyond rumor.
“I think it’s just an example of the pent-up interest in crypto. We are hearing from clients around the world about the need for crypto. Some of this rally is way beyond the rumor — I think the rally today is about a flight to quality.”That validation is especially important for mainstream and institutional adoption. But it is clearly sending a message to crypto traders. Glassnode on-chain data shows cryptocurrency markets pouring their stablecoins into Bitcoin this week.
“As rate hikes and inflation impact legacy markets, investors increasingly see bitcoin as a flight to safety,” TheStreet reported.
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