Bitcoin and Crypto Are Now Poised for a $10 Trillion Earthquake as Ethereum, BNB, XRP, Solana and Cardano Soar

Bitcoin and cryptocurrencies have rebounded this week riding a wave of good news for the crypto market.

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The price of bitcoin jumped to over $45,000 per bitcoin after a senior Russian official said the country would accept bitcoin as payment for its energy exports. Meanwhile, Ethereum price has continued to climb as “excitement” builds ahead of a long-awaited upgrade.

Today, Larry Fink, the chief executive of BlackRock, the world’s largest asset manager with approximately $10 trillion in assets under management, said his firm is “studying” digital currencies due to the growing customer demand.

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“As we see growing interest from our customers, BlackRock is researching digital currencies, stablecoins and underlying technologies to understand how they can help us serve our customers,” Fink wrote this week in a letter to BlackRock shareholders.

Fink has previously dismissed bitcoin and crypto, stating in a CNBC interview last year that he doesn’t see much demand for crypto. In February, Coindesk reported BlackRock was preparing to follow other Wall Street giants, including Goldman Sachs, Morgan Stanley and Citi, into crypto services, and plans to allow customers to borrow from BlackRock by pledging crypto assets as collateral.

This week, Goldman became the first major U.S. bank to trade crypto over-the-counter, working with crypto merchant bank Galaxy Digital to offer a bitcoin-related instrument called a non-deliverable option.

Fink, who called bitcoin a “money laundering index” five years ago, pointed to Russia’s invasion of Ukraine and sweeping financial sanctions imposed on the country as a catalyst for the adoption of cryptography by the general public.

“War will cause countries to reassess their monetary dependencies,” Fink wrote. “Even before the war, several governments sought to take a more active role in digital currencies and define the regulatory frameworks within which they operate.”

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The war in Ukraine has also upended the world order in place since the end of the Cold War, according to Fink, who predicted that it “will end the globalization that we have known for the past three decades”.

“It has left many communities and people feeling isolated and withdrawn,” he wrote. “I think it has exacerbated the polarization and extremist behaviors that we see in society today.”

Fink’s comments are consistent with others in the financial world who see Russia’s tough sanctions, which include the exclusion of the country’s banks from the SWIFT interbank messaging service and restrictions on central bank foreign exchange reserves, as a disruption of the system.

In March, a Credit Suisse analyst said Russia’s war in Ukraine would create a new global financial order that could drive up the price of bitcoin and other cryptocurrencies.

“We are witnessing the birth of Bretton Woods III, a new world (monetary) order centered on commodity-based currencies in the East that will likely weaken the Eurodollar system and also contribute to inflationary forces in the West. “, said Zoltan Pozsar, global manager. of the giant investment bank’s short-term interest rate strategy, wrote in a report.

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