Forbes reveals BlackRock and JPMorgan’s plan to lead a major XRP bull run in the crypto market.
XRP struggles to reclaim the $0.5 price point despite the current Bitcoin rally propping up the crypto market. Meanwhile, in a recent publication, Billy Bambrough, a Senior Forbes Contributor, noted that the XRP market is primed for a substantial boost to be led by an unusual force.
BlackRock and JPMorgan to Spearhead XRP Bull
Specifically, Forbes asserted that global financial giants BlackRock and JPMorgan would spearhead an XRP bull rally. According to Bambrough, the two financial behemoths are silently preparing the grounds for an upcoming surge in the cryptocurrency market.
To back this claim, the senior contributor outlined multiple crypto-specific endeavors BlackRock and JPMorgan have jointly orchestrated. The report cited that BlackRock has achieved a significant milestone by becoming the first Wall Street titan to employ the blockchain-based collateral settlement program backed by JPMorgan.
Forbes argued the development is a part of BlackRock’s broader crypto strategy, as its CEO Larry Fink outlined. Notably, Fink stated the aim is to usher in “the next generation for markets” [like crypto.]
Furthermore, the Forbes contributor highlighted that recent reports confirm that BlackRock has utilized JPMorgan’s Ethereum-based Onyx network and tokenized collateral service to convert shares from one of its financial market funds. It mentioned that the tokenized assets were later transferred to Barclays in an OTC derivatives transaction.
Besides, Forbes quoted BlackRock CEO’s previous statement where he expressed the significance of blockchain technology in their financial dealings. Specifically, Fink described blockchain technology as “very important” in an annual letter to investors.
It is worth stating that blockchain technology enables the tokenization of traditional assets. This specifically makes the value transfer of traditional assets like stocks, bonds, and real estate more cost-effective and straightforward.
Therefore, the Forbes senior contributor believes that BlackRock and JPMorgan’s coming into the crypto space amid the utility linked to the traditional market would catalyze a significant rally for digital assets like XRP, Bitcoin, and Ethereum.
BlackRock News Moves Market
Besides, Forbes also backed its sentiment by citing the recent sudden uptick in the crypto market triggered by a false report.
For context, the erroneous report suggested that BlackRock’s eagerly anticipated spot Bitcoin exchange-traded fund (ETF) application had received regulatory approval. The claim caused a swift bullish stir in the market after garnering attention from major news outlets.
Ultimately, the Forbes Senior Contributor makes the bold claim that the Wall Street giants would spearhead the coming Bitcoin bull run by attracting major institutional demand, with far-reaching implications for digital assets like XRP.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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