Investment Giant BlackRock Calls Bitcoin ‘Pretty Scary’ While Educating Employees On Working With It

Investment Giant BlackRock Calls Bitcoin ‘Pretty Scary’ While Educating Employees On Working With It

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....


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Quotes

There is a similar finding about communities where people describe their investment success more generally, because people tend to brag about their success and not brag about their losses. If you are not careful, all you hear is that people are making tons of money.

Meir Statman, Professor at Santa Clara University specializing in behavioral finance