The “world’s largest shadow bank” BlackRock Inc. has said Bitcoin is a “scary” sign of “excess” in global markets.
Speaking in an outlook presentation Tuesday and quoted by Bloomberg, the company’s global chief investment strategist Richard Turnill appeared to think the current downturn in cryptocurrency prices was little of a surprise.
“When when we look for signs of excess in the market, I look at bitcoin and to me that looks pretty scary,” he told the audience.
The comments appear to contrast with BlackRock’s overall view on cryptocurrency, with the company actively seeking to educate employees on the phenomenon.
After a day of learning about #cryptocurrency, our summer #interns joined the sales desk for an evening baseball game! pic.twitter.com/ravFW49uPn
— BlackRock® (@blackrock) July 11, 2017
The giant is “trusted to manage more money than any other investment manager in the world” according to its website, and is rumored to have close dealings with the Rothschild family’s investment empire.
Doomsday remarks about Bitcoin’s future are increasingly isolated despite continued price volatility.
Investors such as Richard Branson, as well as mainstream media sources are noticeably bullish on the outlook for cryptocurrency in general, while Ripple CEO Brad Garlinghouse said at Bloomberg’s New York HQ Monday that a significant market crash would be a “surprise” for him.
“I would be surprised if there was a major crash,” he commented. “Could we see digital assets continue to double or triple or quadruple from where we are today? That wouldn’t surprise me at all.”
Talk of a bubble having formed in both Bitcoin and altcoins has become a constant topic over the past six months, meanwhile, with various industry opinions fighting for credibility.
Civic CEO and entrepreneur Vinny Lingham has said only dramatic short-term price increases in Bitcoin pat $3000 would signify bubble-like behavior, while Genesis Trading’s Martin Garcia described current conditions as “frothy.”
“…I think that we are in the very early stages of the development of an entirely new asset class,” he added.