Header Ads

Trust God

BlackRock Strategist:....... There's No 'Right or Wrong' Price for Bitcoin

images (3B).jpg

Richard Turnill, the chief investment strategist for BlackRock, the world's largest asset manager, said  that cryptocurrencies have experienced "spectacular price increases" in recent months, leading him to conclude that cryptocurrencies show many characteristics of a bubble right now.  

He said in a new interview that he doesn't know where to peg the "fair" price of bitcoin.  Speaking with Business Insider, Richard's remarks echo those of other Wall Street-based analysts and investors, including Ray Dalio, who leads the world's largest hedge fund, that have argued that the cryptocurrency market is in bubble territory.

Fireinthebone gathered that while BlackRock's own chief executive offered cautiously optimistic remarks earlier this month on the subject, Turnill argued that, in his view, there's no way to assess a "fair value" for bitcoin or other cryptocurrencies.

He has a string opinion that "The main argument for buying them is that prices have risen and are therefore going to continue to rise over time. But there's no inherent right or wrong price for bitcoin. You could say, 'What's the fair value?' You know: 'I'm an investor; I like to think about the fair value of stocks of bonds.' I can't answer what's the fair value for bitcoin or any cryptocurrency. For that reason, I'm not an owner."

This is not the first time Turnill has expressed concern with cryptocurrencies. In July, he referred to the cryptocurrency market as "scary" based on then-recent market moves.

Despite his concerns about cryptocurrencies, however, Turnill praised blockchain technology in general, saying the tool will likely be increasingly used.

Friend, Jesus came looking for you. Give your heart to Him, Love the Lord with all your heart, strength and might.  Love your neighbour as yourself, hold no offence, no bitterness - the Lord is near you to help you!


Powered by Blogger.