Blackrock is banking on a weak dollar in 2024, which should favor Bitcoin

After getting approval for its bitcoin spot ETF, the asset manager is counting on bullish forecasts for the cryptocurrency in 2024.

Asset management giant Blackrock is starting to do some foresight in its latest Bitcoin studies. After receiving validation of its spot bitcoin ETF, Blackrock released a study analyzing bitcoin as a Forex trading pair.

In its study, Blackrock lays out an interesting outlook for cryptocurrencies in 2024. Already, despite a real slowdown in inflationary trends, Blackrock sees some strong price trends persisting, especially in services. This would likely continue to support the appeal of cryptocurrencies in that, as uncorrelated assets, they provide some investors with a hedge against inflation.

A weak dollar

Likewise, Blackrock foresees a significant and sustained weakening of the dollar with a less strained rate environment, with fiscal sustainability in question. So many factors that will weigh on the dollar and its reward and therefore continue to fuel some allure for cryptocurrencies.

Finally, Blackrock looked at the outlook for the European market in 2024, which the asset manager says is expected to see a clear recovery, with corporate profits rising significantly and consumer spending showing real resilience.

Even here, taking into account the risk profile factor, with this 2024 trend map, we have a reason to decide in favor of cryptocurrencies.

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