BlackRock maneuvers, Ethereum price could reach USD 5,000

Liputan6.com, Jakarta – The price of Ether (ETH) coins on the Ethereum network is expected to soar and touch the USD 5,000 level from the current level of USD 3,370. One of the drivers of the increase in the Ether coin is the maneuver of the world's largest investment management company, namely BlackRock.

“The Bittime research team predicts that ETH can penetrate the USD 5,000 level or around IDR 79 million this year. This takes into account BlackRock's maneuvers, views regarding Ethereum ETF products, and current crypto asset market conditions bullish this year,” said CEO of PT Utama Aset Digital Indonesia (Bittime) Ryan Lymn quoted from Antara, Sunday (24/3/2024).

BlackRock just launched tokenized funds or investment products from its first tokenization, issued on the Ethereum public Blockchain and developed through the BlackRock USD Institutional Digital Liquidity Fund (BUIDL).

Ryan assesses that BlackRock's move will have a positive impact on the crypto asset industry and market, because it signals the interest of large companies in using Blockchain.

He continued, BUIDL will provide product access to qualified investors with US dollar returns through this tokenization product, as well as offering a stable value of 1 US dollar per token and paying dividends that accumulate every day directly into investors' wallets as new tokens.

“This is the first time BlackRock has used a public Blockchain like Ethereum. “This shows that large companies are starting to be interested in using Blockchain for their investments,” said Ryan.

According to him, BlackRock wants to make it easier for people to invest using the Ethereum system which is known to be easy to use and safe through BUIDL.

Meanwhile, this move highlights the importance of Ethereum in creating new financial products, which makes more people want to invest in Ethereum, thereby making the price rise.

“Therefore, BlackRock's launch of the BUIDL tokenized fund on Ethereum signals institutional support as well as interest in the Blockchain asset, which is able to increase demand for Ether (ETH) and support its price,” said Ryan.

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