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BlackRock Strategist: Cryptocurrency Market Charts Look 'Pretty Scary'

Asset management giant BlackRock's top strategist shared his views on cryptocurrency markets in new comments.

Jul 11, 2017 at 8:40 p.m. UTC
Updated Sep 11, 2021 at 1:31 p.m. UTC

The chief investment strategist for the world's biggest asset manager expressed caution about the state of the cryptocurrency market in new comments to reporters.

BlackRock chief strategist Richard Turnill spoke after the firm – which manages more than $5tn in assets as of the end of March – released its mid-year investment outlook for 2017. While that report doesn't contain any analysis of the cryptocurrency market or the firm's predictions for its development, Turnill offered his take on the market today.

According to Reuters, Turnill, in reference to the state of the cryptocurrency market, remarked: "I look at the charts, and to me that looks pretty scary."

Cryptocurrency markets have seen significant declines in recent days, with the price of ether, the cryptocurrency of the ethereum network, dropping below the $200 mark for the first time since the end of May.

In remarks, Turnill also said that, in his view, the market wouldn't pose any risks to the broader financial market in the event of a steeper sell-off.

"There's no evidence that if that price went to zero tomorrow that there'd be any broader financial implication over time, but to me it is example of where you're getting some big price movements in the market," he said.

DISCLOSURE

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