BlackRock’s US Head of Thematics and Active ETFs, Jay Jacobs, said there is plenty of room for Bitcoin adoption. Jay still estimates a market of Brazilian Real 30 trillion ( ~ $5.4 trillion) in the coming years.

The executive attended the Digital Assets Conference in Brazil on Thursday. Mercado Bitcoin promoted the event in partnership with CME Group, Deribit, and Fireblock.

BlackRock is the largest fund manager on the planet and one of the first to have authorization and issue Bitcoin ETFs in the US.

Why do Investors Demand Bitcoin?

Jacobs said the fund manager began looking at Bitcoin after growing demand from clients looking for different assets in portfolios.

“They (investors) want something other than stocks and bonds. If you look at the last couple of years, there has been this growing correlation between stocks and bonds. It has been very difficult to achieve diversification, particularly in an environment of higher rates. And then people have actually tried to scour the opportunity to get alternatives. Maybe this is going to private markets,” Jacobs explained.

Read more: Who Owns the Most Bitcoin in 2024?

In addition, another demand that drove BTC adoption at BlackRock was sophisticated investors who wanted a more liquid portfolio to diversify investments.

That said, BlackRock now manages nearly 370,000 BTC, emerging as one of the largest Bitcoin holders. It has already surpassed MicroStrategy’s Bitcoin holding and now only lags behind Satoshi Nakamoto and crypto exchange Binance.

According to the latest data from SoSoValue, BlackRock’s iShare Bitcoin Trust’s (IBIT) Bitcoin stash is worth $22.33 billion.

When asked about the BTC rally, Jacobs said he could not answer. Nonetheless, he believes that diversifying investments with the most valuable cryptocurrency on the market is an assertive strategy.

“It is difficult to paint a picture for each portfolio. What we have found is that it really is more important to look at certain types of investors who can withstand volatility, who can withstand the falls, who have a long-term view,” Jacobs said.

Moreover, Jacobs indicated that BlackRock is also focused on Bitcoin education.

“We want to make it accessible and we want to help people understand Bitcoin first and foremost,” Jacobs stated.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

For Jacobs, Bitcoin is a monetary alternative, while Ethereum is more of a bet on blockchain adoption. The executive said that one of the trends that are changing the world today is geopolitical fragmentation. This is currently changing supply chains.

“We also see the emergence of AI for more technology growth, more technology adoption and digitalization. We see demographic changes around the world. We see aging populations in some countries, others very young in emerging markets. I think this could be another favorable wind for digital assets. Markets where digital assets may be most relevant also have the majority of Millennials and Gen Z who will be the most digital native,” Jacobs concluded.

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Worldcoin’s (WLD) price has faced significant price pressure recently, failing to bounce off the $2.00 support level. The altcoin is currently trading at $1.65, with consolidation appearing to be the next likely move. 

Investors are now assessing whether Worldcoin is a good addition to their portfolio this October, as market sentiment around the token remains cautious.

Worldcoin May Not Be the Best Choice

The MVRV (Market Value to Realized Value) Long/Short Difference indicator for Worldcoin is currently signaling a bearish outlook. Highly positive values typically suggest that long-term holders are in profit, a sign of stability. On the other hand, deeply negative values indicate that short-term holders are profiting, which tends to increase selling pressure.

Currently, the indicator is at -24%, showing that short-term holders are seeing profits. These investors’ profits are a bearish sign, as short-term investors are often prone to selling quickly, increasing the likelihood of a price decline.

This shift in market sentiment, driven by short-term profit-taking, suggests that Worldcoin may struggle to regain upward momentum in the near term. The bearish signals are prompting many investors to remain cautious about adding WLD to their portfolios.

Read More: How to Buy Worldcoin (WLD) and Everything You Need to Know

Furthermore, the broader macro momentum for Worldcoin isn’t faring much better. WLD’s Sharpe Ratio, an indicator that measures the risk-adjusted returns of an asset, is at its lowest point since the altcoin’s inception. This indicates that the risk associated with investing in WLD currently outweighs the potential rewards, making it a less attractive option for investors.

The low Sharpe Ratio suggests that Worldcoin may not be the best bet at the moment. This is because the current risk environment could lead to further losses. Investors are advised to be wary of entering the market under these conditions, as WLD may continue its downtrend unless significant bullish catalysts emerge.

WLD Price Prediction: Barriers Ahead

Worldcoin’s price has declined by 24% in recent days, now trading at $1.65. Given the current market sentiment and macro indicators, it is likely that WLD will remain under the $2.00 barrier for the foreseeable future. 

The altcoin is also facing resistance at $1.74, which may not present a significant hurdle, but failure to breach it could lead to further declines. A drop towards $1.34, the lower limit of the consolidation range between $2.00 and $1.34, is possible if bearish conditions persist. This possibility excludes Worldcoin from the “must-have altcoins for your portfolio in October” list.

Read More: Worldcoin (WLD) Price Prediction 2024/2025/2030

However, a change in market trends and a successful breach of $1.74 could enable Worldcoin to rise beyond $2.00. If this occurs, it will invalidate the current bearish-neutral outlook, potentially pushing WLD’s price toward $2.50.