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FORBES DIGITAL ASSETS XRP
BlackRock And JPMorgan Are
Quietly Laying The Groundwork
For The Next Bitcoin, Ethereum,
XRP And Crypto Price Bull Run
Billy Bambrough Senior Contributor
I write about how bitcoin, crypto and blockchain can
change the world.
Oct 17, 2023, 08:15am EDT
Listen to article 3 minutes
Bitcoin BTC , ethereum, XRP XRP and other major
cryptocurrencies have been primed for a huge
BlackRock-led earthquake this month.
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bitcoin halving!
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The bitcoin price has swung wildly this week—
temporarily boosting other major coins including
ethereum and XRP—due after a false report that
BlackRock's BLK closely-watched spot bitcoin
exchange-traded fund (ETF) application had been
approved went viral and was picked up by the likes
of Reuters and Bloomberg.
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Meanwhile, BlackRock has become the first Wall
Street giant to use JPMorgan's blockchain-based
collateral settlement system, part of a plan that
BlackRock's chief executive has said will usher in
"the next generation for markets."
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AFP VIA GETTY IMAGES
Last week, JPMorgan’s ethereum-based Onyx
blockchain and the bank’s tokenized collateral
network were used by BlackRock to tokenize
shares in one of its money market funds, sending
them to the London-based Barclays in in an over-
the-counter derivatives trade, Coindesk reported.
Bitcoin and crypto's blockchain technology allows
traditional assets to be "tokenized" on a public
ledger, potentially making the transfer of anything
from stocks, bonds, real estate and alternative
investments like art, cheaper and easier.
Last year, BlackRock chief executive Larry Fink
called the technology "very important," writing in
his annual letter to shareholders that "very
interesting developments are happening in the
digital asset space."
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Fink also predicted many of the current big bitcoin
and crypto companies aren't "going to be around"
for long in the aftermath of FTX's dramatic
collapse, suggesting the Wall Street giants could
take over the management of the bitcoin and
crypto space.
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The bitcoin price has crashed back from its late ... [+]
FORBES DIGITAL ASSETS
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Since then, Fink shocked the world when he
announced a surprise crypto in June flip, saying
he expects bitcoin and crypto to "transcend"
traditional currencies, including the U.S. dollar,
thanks to Wall Street adoption.
"Importantly, because it’s so international, [crypto
is] going to transcend any one currency in
currency valuation," Fink said.
Earlier, he said bitcoin and crypto could
"revolutionize finance" in a dramatic reversal from
his previous position of bitcoin being nothing
more than an "index of money laundering.
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