BlackRock CEO Predicts Bitcoin Could Reach $700,000 Amid Economic Instability and Sovereign Wealth Fund Interest

Jan 22, 2025, 04:44 PM

BlackRock CEO Larry Fink has expressed optimism about Bitcoin's potential, suggesting at the World Economic Forum in Davos that the cryptocurrency could reach as high as $700,000 per Bitcoin. Fink highlighted Bitcoin as a hedge against currency debasement and political instability, stating that it serves as an 'internationally based instrument' to mitigate such concerns. He also mentioned ongoing discussions with sovereign wealth funds considering allocations of 2% to 5% of their portfolios to Bitcoin, which could significantly drive up its price if widely adopted. Fink noted that Bitcoin could potentially hit $500,000 or $600,000 as well. Despite his bullish outlook, Fink clarified that his comments should not be seen as a promotion of Bitcoin, acknowledging its volatility. Additionally, BlackRock has recently purchased $600 million worth of Bitcoin, with its iShares Bitcoin Trust now holding 559,262 BTC valued at approximately $58.51 billion.