Is interest in cryptocurrency waning?

Posted on Thursday, July 19, 2018 by Molly Ryan

Remember, at the end of 2017, when bitcoin was worth nearly $20,000? But then, China’s “Big Three” exchanges were shut down and, globally, regulators began to review and halt trading. The price dropped closer to $11,000 and stands near $7,000 now (at time of writing).

Nearly every day a headline emerges about cryptocurrencies and their viability in the global market. Here are two examples from CNBC, both published July 18:

With conflicting messages – sometimes published by the same news outlet on the same day – it’s easy to see how confusing the whole concept can be for average Joes and Janes. That’s even taking for granted the fact that average Joes and Janes understand how cryptocurrencies work in the first place.

So, let’s make one thing clear: cryptocurrencies will be viable IF – and that’s a big if – there is interest from important people with money, i.e. investors or people investors want to make happy.

And right now, it doesn’t seem like that’s the case. Larry Fink, the CEO of BlackRock Inc., the world’s largest asset management firm, told Bloomberg this week that none of their clients have “sought out crypto exposure.”

He goes on to say he doesn’t even feel the need to be prepared for a day when clients might want that exposure. And, yes, Bloomberg confirms that not even a fraction of BlackRock’s $6.3 trillion has been invested in bitcoin.

So, yes: interest might be waning a bit, at least for now. But, the second a high-impact client at BlackRock Inc. does say they’re interested in exploring cryptocurrencies, there could be a fire drill.


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