Bitcoin Bulls Run: BlackRock’s $184M Purchase to Ignite the Market

In a shocking move, Black Rock, the world’s largest asset manager, purchased Bitcoin worth $184.38 million yesterday. These buyouts add to its growing position in Bitcoin as it continues to expand its digital assets. With such recent purchases, Blackrock continues to accumulate Bitcoin through its iShares Bitcoin Trust (IBIT) signaling its confidence in the digital asset. 

💥BREAKING: Yesterday BlackRock bought $184.38 million worth of #Bitccoin! pic.twitter.com/oLU6XvpulP

— Crypto Rover (@rovercrc) September 26, 2024

Current Bitcoin Holdings

BlackRock, after the current purchase, holds 358.08K BTC which is approximately worth $22.86B as per Arkham Intelligence. This purchase is nothing but an opportunity to capitalize on the potential of Bitcoin as a store of value and hedge against inflation. Over the past few years, BlackRock has made significant moves in the crypto market. It filed for Bitcoin spot ETF, which is yet to gain its regulatory approval. Such moves indicate the confidence the company has and that they are in for the long run. 

Recently, BlackRock has also commented that Bitcoin offers a potential hedge against global uncertainty and declining trust in governments, banks, and fiat money. This is because its decentralized, secure, and transparent nature provides an alternative store of value, safeguarding wealth amidst instability.

JUST IN: BlackRock says #Bitcoin could be a “hedge against increasing global disorder and declining trust in governments, banks, and fiat currencies.”

— Watcher.Guru (@WatcherGuru) September 12, 2024

Bitcoin Price

At press time, the price of Bitcoin is $63,855.46 maintaining relative stability amid market fluctuations as per CoinGecko. There has been a surge of 7.2% in the last 7 days because of the recent interest of investors. This investment by BlackRock can also attract other investors in the near future and a bullish trend is to be expected as per various analysts. 

Recently, Bitcoin has been at the center of several positive developments, including growing adoption by major financial institutions and a push for clearer regulations worldwide. The surge is predicted to increase in the coming weeks. According to CryptonewsZ analyst Bitcoin has the potential to hit $87,917 by November.

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