Bitcoin and Cryptocurrencies Now Brace for a $10 Trillion Earthquake as Ethereum, BNB, XRP, Solana and Cardano Prices Rise

Bitcoin and cryptocurrencies rebounded this week, bringing a wave of good news to the cryptocurrency market.

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The price of bitcoin jumped to more than $45,000 per bitcoin after a top Russian official said the country would accept bitcoin as a payment for its energy exports. Meanwhile, the price of Ethereum continued to rise as “excitement” grew ahead of the much-anticipated upgrade.

Now, Larry Fink, CEO of BlackRock, the world’s largest asset manager with around $10 trillion in assets under management, has said his company is “considering” cryptocurrencies due to increased customer demand.

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More FORBESESEthereum Co-Founder Issues Stark Warning from NFT Amid Surprise Price Rise of Bitcoin, Cardano, Solana and Dogecoin

Bitcoin price has rebounded again in recent weeks after falling in the first few months of 2022,… [+] Helping the price of Ethereum, BNB, XRP, solana and cardano to climb.

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

Fink previously dismissed bitcoin and cryptocurrency, saying in an interview with CNBC last year that he did not see much demand for cryptocurrencies. In February, Coindesk reported that BlackRock was preparing to pursue other Wall Street giants including Goldman Sachs, Morgan Stanley and Citi, in crypto services, and planned to allow customers to borrow from BlackRock by pledging crypto assets as collateral.

This week, Goldman became the first major US bank to trade cryptocurrency over the counter, working with crypto-merchant Galaxy Digital to offer a bitcoin-linked instrument called Non-Deliverable Option.

Fink, who described bitcoin as a “money laundering indicator” five years ago, cited Russia’s invasion of Ukraine and widespread financial sanctions against the country as a catalyst for mainstream crypto adoption.

“The war will cause countries to reassess their currency dependencies,” Fink wrote. “Even before the war, many governments were looking to take a more active role in digital currencies and define the regulatory frameworks under which they operate.”

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More FORBES’ Escape Velocity’ – Huge Ethereum Upgrade Could See Its Price Leave Bitcoin, BNB, XRP, Cardano, Solana, Luna and Avalanche In The Dust

Bitcoin price has soared over the past week, reaching levels not seen since early January and… [+] Raising the price of Ethereum, BNB, XRP, solana and cardano.

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The war in Ukraine also upended the global order that had been in place since the end of the Cold War, according to Fink, who predicted that it would “put an end to the globalization we’ve seen over the past three decades.”

“It has left many communities and people feeling isolated and inward looking,” he wrote. “I think this has exacerbated the polarization and extremist behavior that we see across society today.”

Fink’s comments chime with others in the financial world who see tough sanctions on Russia, which have included the exclusion of the country’s banks from SWIFT’s interbank messaging service and limits on central bank foreign exchange reserves, as bringing about a change in the system.

In March, an analyst at Credit Suisse said that the Russian war in Ukraine would create a new global financial system that could boost the price of bitcoin and other cryptocurrencies.

“We are witnessing the birth of Bretton Woods 3 – a new world (monetary) system centered on commodity-based currencies in the East that is likely to weaken the Eurodollar system and also contribute to inflationary forces in the West,” Zoltan Bozar, Global Head of Short-Term Interest Rate Strategy At the investment bank giant, in a report.

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