BlackRock is world’s biggest asset manager and since they are late in the Bitcoin race, they took no time to rip Bitcoin. In a report, their chief investment strategist said that while they do see cryptocurrencies becoming more widely used in future, they are currently too risky and should only be taken seriously by those who are ready for complete losses.
Further in the report, he said that the Bitcoin’s price is too volatile and there are erratic price swings which is putting off investors. He added that the price of bitcoin went from 900 dollars in January 2017 to whopping 20000 dollars by end of 2018. Later, the price of bitcoin fell to 6900 dollars which clearly shows how volatile it is.
BlackRock says that the lack of regulation is troubling as that has caused a concern among big investors. Due to new cryptocurrencies being launched everyday and new hard forks, the investors are unable to make any sort of informed decisions.
BlackRock thinks that it is going to take a lot of time before we see wider adoption of cryptocurrencies in mainstream. The company suggests that easing up on the software development of blockchain tech is required. And at the same time, regulation needs to be there in order to prevent unnecessary forks and useless cryptocurrencies.
March 2, 2018
| Bitcoin News