A day after New York-based investment firm BlackRock’s CEO Larry Fink said Bitcoin could revolutionise the financial system, the value of the cryptocurrency hit a 13-month high on Thursday, rising by as much as 3.28 per cent to $31,500. Bitcoin prices has climbed from around $16,500 earlier this year, but it is still way below the $69,000 in November 2021.

Describing Bitcoin as an “international asset”, Fink emphasised its independence from any single currency, making it an attractive alternative for investors. He suggested that Bitcoin could hedge against inflation or the devaluation of certain currencies. As the CEO of BlackRock, the world’s largest asset management firm with over $9 trillion in assets under management, Fink’s endorsement of cryptos could have significant implications for the industry. Blackrock wants to list a spot Bitcoin exchange-traded fund (ETF) in the US.

According to crypto trading exchange CoinMarketCap, the current market capitalisation of bitcoin rose by 2.2 per cent at $610,122,773,744.

Cryptocurrencies, including Bitcoin, had a rough 2022 due to uncertainty in the regulatory environment, with many central banks looking to ban it. However, in recent times, a number of global fund managers, including BlackRock, have come out in support of cryptocurrencies.