BlackRock Strategist Richard Turnill says “there’s no inherent right or wrong” bitcoin price but the markets bear “many characteristics of a bubble”.
Turnill, the global chief investment strategist for the $6 trillion money manager, told Business Insider that BlackRock is “looking a lot” at blockchain and believes this technology will see increasing adoption over time. However, Turnill does not anticipate this will lead to a correlative increase in bitcoin adoption or value:
“We’ve been looking a lot at particularly blockchain as a technology. BlackRock, we’re starting to use blockchain. I think it’s a technology which is going to get more and more adoption over time,” Turnill said, “What that doesn’t mean is that the value of bitcoin and broader cryptocurrencies should continue to go up and up.”