THE INDEPENDENCY OF CRYPTOCURRENCY
The asset managers and large banks seeking to dominate the cryptocurrency market in the fourth quarter of 2022. Despite profits exceeding investor forecasts, their stocks are choppy due to widespread recession anxiety. According to Jamie Dimon, CEO of JP Morgan, the impact of the geopolitical headwind, which includes the crisis in Ukraine and inflation, is still unknown. Due to the challenging economic climate, the future would probably be lower.
The CEO of Bank of America and some of you may recall that Goldman Sachs recently let go of employees all in one day both expressed the same view. You should be aware that Blackrock just announced some layoffs as well, as a result of a 15% fall in fourth-quarter revenue. The drawdown of assets under management from 10 trillion dollars to 8.4 trillion dollars over 2022 coincidentally fits with this. Regrettably, compared to earlier quarters, flows into Black Rock's investment vehicles appeared to have increased.
The silver lining, if there is one, is that as of last summer, Black Rock is offering institutional investors exposure to cryptocurrency through Coinbase, but I will admit they stayed out of crypto. After all, Black Rock technically has the ability to purchase the staking yield and seize ownership of virtually every Proof of Stake cryptocurrency. The cryptocurrency' prices would undoubtedly soar, but at what price? At the end of the day, a blockchain will be all that is left to enforce ESG dystopia. Hopefully, cryptocurrency will be allowed to develop on its own, free from the influence of large banks like JM Morgan and asset managers like Black Rock. There is no doubt that institutional funding will be necessary for cryptocurrency to develop, but never lose sight of the fact that the ultimate end goal lies outside of the present framework.
When the institutional investors start coming into the market, we should cryptocurrency market cap to skyrock. Thanks for sharing with us.