U.S. asset manager BlackRock (BLK) is forecasting a “historic year” for Bitcoin (BTC) and other cryptocurrencies as president-elect Donald Trump returns to the White House.
Samara Cohen, BlackRock’s chief investment officer for exchange-traded funds (ETFs), says crypto is likely to benefit from deregulation under the Trump administration.
Cohen is responsible for BlackRock’s iShares Bitcoin Trust (IBIT), which is the largest of about a dozen spot Bitcoin ETFs in America with $50 billion U.S. of assets.
The iShares Bitcoin Trust has gained 114% since its January 2024 debut, mirroring the rise in the price of BTC over the last 12 months.
Recently, BlackRock launched a version of its Bitcoin Trust in Canada.
More spot Bitcoin ETFs are expected to be launched this year following Trump’s inauguration on Jan. 20.
However, despite the expected gains ahead for Bitcoin and other cryptocurrencies, Cohen at BlackRock cautions investors to expect ongoing volatility in the digital asset space.
“Bitcoin is a risky asset and investors should expect volatility,” she said in a recent interview.
Currently, Bitcoin is trading at $102,000 U.S. and is up nearly 10% so far this year.
