Will Bitcoin Hit $700,000? BlackRock Weighs In
BlackRock CEO Larry Fink discusses the potential for Bitcoin (BTC) to be worth $500,000, $600,000 or even $700,000 per coin.
He explained how institutional adoption can significantly impact Bitcoin’s price, saying that if investors allocated a small portion of their portfolios to Bitcoin, it would have been possible to push the cryptocurrency to such high levels.
BlackRock CEO’s Bitcoin Predictions
in a interview At the World Economic Forum in Davos, Fink discussed one of the most bullish cases for Bitcoin with Bloomberg. He noted that a recent conversation with a sovereign wealth fund revealed that Bitcoin configuration topic raised.
“I was working at a sovereign wealth fund this week and the conversation was: ‘Should we have a 2% allocation, should we have a 5% allocation? If everyone adopted that narrative, the value of each Bitcoin would be $500,000, $600,000, $700,000,” Fink said.
However, Fink quickly clarified that he was not directly promoting Bitcoin.
“I’m not promoting it by the way. It’s not my promotion,” he added.
Fink’s bullish view on Bitcoin Coinbase CEO Brian Armstrong comments. He recently predicted that Bitcoin could eventually reach multi-million dollar prices.
The BlackRock CEO elaborated on the role of cryptocurrencies in the global economy, describing them as a “fear currency.” he explained Bitcoin as an alternative For those worried about the devaluation of their currency or the political and economic instability of the country.
“An international instrument called Bitcoin will overcome local fears,” he said.
BlackRock’s Bitcoin Strategy
Notably, BlackRock has been actively increasing its investments in the largest cryptocurrencies. In 2024, the company became the first to receive approval from the U.S. Securities and Exchange Commission (SEC) Bitcoin Exchange Traded Funds (ETFs).
BlackRock has been accumulating Bitcoin as part of its ETF strategy and is now one of the largest holders of the cryptocurrency. According to the latest data, the amount of Bitcoin held by BlackRock reaches an impressive 569,343.23770 BTC. At current prices, these assets are worth more than $60 billion.
In fact, according to the intelligence platform Arkham IntelligenceBlackRock made The Biggest Bitcoin Purchases of the Yearacquiring $600 million worth of Bitcoin.
That’s not all. BlackRock’s iShares Bitcoin Trust ETF (IBIT) Is the Biggest Bitcoin ETF for the US market. According to data from SoSo Value, it controls 2.89% of Bitcoin’s total market capitalization.
In addition, on January 22, IBIT ETF inflows reached US$344.28 million. Meanwhile, other Bitcoin ETFs have either experienced no inflows or negative inflows.
In addition to American products, BlackRock launches iShares Bitcoin ETF in Canada On January 13, it traded on Cboe Canada under the ticker “IBIT”, expanding its Bitcoin investment strategy internationally.
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