‘The Next Generation—BlackRock CEO Reveals $8 Trillion Funds Huge Crypto Prediction After Bitcoin And Ethereum Price Crash

Bitcoin BTC , Ethereum and other major cryptocurrencies have taken a big hit this year (if Elon Musk ships a small cryptocurrency in a big way).

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Since the end of last year, bitcoin price has fallen nearly 70%, falling below $17,000 per bitcoin and driving Ethereum's price lower, raising fears that the broader crypto market is "sinking into oblivion."

Today CEO of BlackRock Black The world's largest wealth manager, which has around $8 trillion in assets under management and signed a major deal with Coinbase earlier this year, predicts that blockchain technology will "bring the next generation to market."

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By Billy Bambrough More from Forbes Elon Musk Reveals Wild $1 Billion Democrat Funding Theory After Bitcoin and Crypto Exchange Collapse

BlackRock's Larry Fink, who has previously expressed skepticism about cryptocurrencies, told the New York Times Forum , "I think the next generation of markets, the next generation of securities, will be securities." NYT This week's Deal Book Summit

Bitcoin and crypto blockchain technology allows traditional assets to be "tokenized" on a public ledger, making everything from stocks, bonds, real estate and alternative investments cheaper and easier.

"I really think this technology is going to be very important," said Fink. “Think of the immediate liquidation of bonds and stocks, without the middlemen, we will drastically reduce fees. Imagine that. It will change the entire ecosystem.”

However, Fink warned today that many major cryptocurrencies and cryptocurrency companies will not survive, noting the collapse of cryptocurrency exchange FTX, which is violating “the entire foundation of cryptocurrency.”

FTX's reliance on FTT coin as collateral has played a role in FTT's depreciation.

"I really think most companies don't live in this area," Fink said. BlackRock indirectly invested about $24 million in FTX. However, according to Fink, it wasn't the "core" of BlackRock's business.

In September, BlackRock launched a blockchain corporate exchange-traded fund (ETF), offering investors exposure to 35 different companies.

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More of Forbes' shocking price predictions from Billy Bambo , one of Bitcoin and Crypto's biggest bulls

Meanwhile, bitcoin, ethereum and crypto price watchers are trying to gauge market sentiment following two major Federal Reserve shocks this week.

"The release of key economic data this week has sent a mixed signal, with Bitcoin losing direction after recovering from $17,000 on Wednesday," Bitbank crypto market analyst Yuya Hasegawa said in a statement. Notes sent via email.

“Surprisingly, bitcoin is on course to test its June-October lows, where prices have fallen on the impact of FTX over the last month. The price simply will not bounce back to that $17,600 level.”

The end of the economic transition is in and we are #XRP digital #gold at the end