‘Rich Dad Poor Dad’ author Robert Kiyosaki has again made a case for the two largest cryptos by market cap, Bitcoin and Ethereum. This time, he recommended both cryptos as a way to get rich, even as the world collapses and the poverty rate rises. Robert Kiyosaki Advises Investors To Buy Bitcoin And Ethereum To
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The world’s largest asset manager, BlackRock, has made a compelling case for Bitcoin. The asset manager asserted that the flagship crypto shares a similar risk profile to the magnificent seven stocks and recommended that investors allocate up to 2% to BTC.
BlackRock Makes Compelling Case For Bitcoin
Forbes reported about a recent research report by BlackRock, which made a case for why investors should look to invest in the flagship crypto. The report, written by the firm’s analysts, stated that Bitcoin offers a risk profile similar to that of the Magnificent Seven firms (Apple, Amazon, Tesla, Nvidia, Meta, Google, and Microsoft).
In line with this, these analysts determined that a 1% to 2% allocation to Bitcoin brings about a similar risk profile to these stocks. Meanwhile, the asset manager highlighted the correlation between BTC and these traditional assets but suggested that there might be a divergence soon enough.
BlackRock claimed that this will happen because of factors such as the global fragmentation of the financial system, growing geopolitical tensions, a lack of confidence in the financial system, and growing deficits.
Despite the strong case for BTC, companies like Microsoft are still uncertain about its potential. Microsoft shareholders recently voted against the Bitcoin proposal, which could have allowed the tech giant to adopt Bitcoin on its balance sheet.
Meanwhile, the world’s largest asset manager hinted that the Bitcoin price may find it harder to record the kind of gains to which it has become accustomed as time passes.
According to BlackRock’s Chief Investment Officer of ETF and Index products, Samara Cohen,
“The return characteristics are likely to change significantly once we reach a target state where potentially the portfolio allocation is much more tactical like gold and is used for hedging with a very different set of characteristics.”
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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- The IMF wants El Salvador to limit “public sector exposure to Bitcoin”
- The financial agency’s remarks follow an August statement, which talked about “mitigat[ing] the risks from Bitcoin”
The International Monetary Fund (IMF) has recommended that El Salvador reduce the scope of its Bitcoin law and limit the public’s exposure to Bitcoin.
During a press conference, IMF spokesperson Julie Kozack said:
“What we have recommended is a narrowing of the scope of the Bitcoin law, strengthening the regulatory framework and oversight of the Bitcoin ecosystem, and limiting public sector exposure to Bitcoin.”
Kozack added that the IMF continues talking with El Salvador and that “addressing risks arising from Bitcoin is a key element of these discussions.”
The Central American country is no stranger to the IMF’s views on its use of Bitcoin. Notably, the issue goes back to 2021 when El Salvador made Bitcoin legal tender. Following its official adoption, the IMF released a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”
This was again called for in January 2022 when the IMF advised El Salvador to reconsider its decision on Bitcoin as the country’s legal tender.
More recently, the IMF released a statement in August that focused on, among other things, the need to “mitigate the risks from Bitcoin.” However, the financial agency did note that while “many of the risks have not materialized, there is joint recognition that further efforts are needed to enhance transparency..” in Bitcoin.
Still committed to Bitcoin
Despite these remarks from the IMF and the continued back-and-forth, El Salvador remains unchanged in its mission to see Bitcoin rise in the country.
However, while the government is keen to see adoption numbers rise, Nayib Bukele, El Salvador’s pro-Bitcoin president, knows more work needs to be done. In a recent interview with TIME magazine, Bukele admitted that his Bitcoin strategy for El Salvador had been “net positive,” but it hasn’t witnessed the “widespread adoption” they hoped for.
Despite this, Bukele remains committed, even going so far as to buy additional Bitcoin when the price drops. The country also promised to use the profit it makes from its Bitcoin Trusts to build 20 schools as it works at making crypto more appealing to its citizens.
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