Bitcoin at 13-month high

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A day after Larry Fink, CEO of New York-based investment firm BlackRock, declared that bitcoin could revolutionize the financial system, the value of the cryptocurrency reached a 13-month high on Thursday, rising as much as 3.28 percent to reach to $31,500. Bitcoin price has risen from around $16,500 earlier this year, but it is still well below $69,000 in November 2021.

Describing Bitcoin as an “international asset,” Fink emphasized its independence from any single currency, making it an attractive alternative for investors. He noted that bitcoin can hedge against inflation or the depreciation of certain currencies. As the CEO of BlackRock, the world’s largest asset manager with more than $9 trillion in assets under management, Fink’s endorsement of cryptocurrency could have significant implications for the industry. Blackrock wants to list an exchange-traded fund (ETF) in the US.

According to cryptocurrency trading CoinMarketCapBitcoin’s current market cap rose 2.2% to $610,122,773,744.

Cryptocurrencies, including Bitcoin, have had a rough 2022 due to uncertainty in the regulatory environment, with many central banks looking to ban them. Recently, however, a number of global fund managers, including BlackRock, have come out in support of cryptocurrencies.