Bitcoin prices 'bubble-like' after record rally: BlackRock
Valuations for the cryptocurrency are in "extreme" territory, says official
Hong Kong
WITH bitcoin prices up 17-fold this year and sitting above the US$16,000 mark, valuations for the cryptocurrency are in "extreme" territory, according to BlackRock.
"We are seeing sort of bubble-like valuations," Belinda Boa, the money manager's head of active investments for Asia-Pacific, told reporters in Hong Kong. "BlackRock's view is that this isn't a financial asset like we would trade in terms of equities and fixed-income instruments."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Credit Suisse China securities joint venture says staff down 46% in 2023
More than 90% of stablecoin transactions aren’t from real users, study finds
RBA to keep key rate at 12-year high as inflation stirs anew
Buffett praised Apple after trimming it, drops Paramount stake
Westpac net profit falls 16%, announces additional A$1 billion buyback
Nomura, Mizuho face losses on All Blue fund’s failed trades