The post BlackRock’s Fink and VC Tim Draper Tout Bitcoin as Currency-Debasement Hedge appeared on BitcoinEthereumNews.com. BlackRock chief executive officer Larry Fink said investors buy Bitcoin because they are “frightened of the debasement of their currency,” describing the token as “digital gold” and a hedge against monetary erosion BlackRock chief executive officer Larry Fink said investors buy Bitcoin because they are “frightened of the debasement of their currency,” describing the token as “digital gold” and a hedge against monetary erosion. Fink, who oversees roughly $12 trillion in assets, added in televised remarks on 25 August that he had “become a believer” in the cryptocurrency’s role in portfolios. Venture capitalist Tim Draper echoed the view in a separate CNBC interview the same day, calling Bitcoin “the only hedge against reckless government spending” and repeating his long-held forecast that the price will reach $250,000. Draper dismissed alternative tokens, saying market forces are creating a “gravitational pull” toward Bitcoin. The endorsements come as institutional ownership of the digital asset climbs. BlackRock and Michael Saylor’s MicroStrategy now control about 1.38 million Bitcoin worth roughly $155 billion, equal to 6.6 percent of the outstanding supply, according to data circulated on social media. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/markets/blackrocks-fink-vc-tim-draper-tout-bitcoin-currency-debasement-hedge-e0b47bfeThe post BlackRock’s Fink and VC Tim Draper Tout Bitcoin as Currency-Debasement Hedge appeared on BitcoinEthereumNews.com. BlackRock chief executive officer Larry Fink said investors buy Bitcoin because they are “frightened of the debasement of their currency,” describing the token as “digital gold” and a hedge against monetary erosion BlackRock chief executive officer Larry Fink said investors buy Bitcoin because they are “frightened of the debasement of their currency,” describing the token as “digital gold” and a hedge against monetary erosion. Fink, who oversees roughly $12 trillion in assets, added in televised remarks on 25 August that he had “become a believer” in the cryptocurrency’s role in portfolios. Venture capitalist Tim Draper echoed the view in a separate CNBC interview the same day, calling Bitcoin “the only hedge against reckless government spending” and repeating his long-held forecast that the price will reach $250,000. Draper dismissed alternative tokens, saying market forces are creating a “gravitational pull” toward Bitcoin. The endorsements come as institutional ownership of the digital asset climbs. BlackRock and Michael Saylor’s MicroStrategy now control about 1.38 million Bitcoin worth roughly $155 billion, equal to 6.6 percent of the outstanding supply, according to data circulated on social media. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/markets/blackrocks-fink-vc-tim-draper-tout-bitcoin-currency-debasement-hedge-e0b47bfe