BlackRock CEO Larry Fink said the market could see another 20% drop, but that the current drawdown is a buying opportunity in the long term
BlackRock (NYSE:BLK) CEO Larry Fink said on Monday that the market could see another 20% drop, but that the current drawdown is a buying opportunity in the long term as the current situation doesn’t pose systematic risk.
“I see it more as a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go down further,” Fink said.
He noted that inflationary pressure is higher than market participants expect and that many already believe the U.S. to be in a recession. As a result, he does not anticipate the Federal Reserve to cut interest rates this year.
Last month, Fink published a letter to shareholders, warning about Bitcoin’s (BTC) threat to the U.S. dollar, which could weaken if Americans believe the cryptocurrency to be a safer asset than the dollar.
Markets, including the crypto market, have been in turmoil since U.S. President Donald Trump announced a host of tariffs on goods imported to the U.S. BTC is currently trading 5% lower over the past five days and 11% lower in the past month. Stocks were hit even worse with the S&P 500 and Nasdaq down 13% and 15%, respectively.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research！
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
