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Bitcoin $700K Potential: A Bold Vision from BlackRock’s Larry Fink

BlackRock’s Larry Fink predicts Bitcoin can reach $700K

Bitcoin $700K Potential: A Bold Vision from BlackRock’s Larry Fink
Bitcoin $700K Potential: A Bold Vision from BlackRock’s Larry Fink

BlackRock CEO Larry Fink believes that Bitcoin can go as high as $700,000 if institutional investors invest 2% to 5% of their investments in it. BlackRock is the largest asset manager in the world.

The cryptocurrency has risen dramatically in value over the last few months. In 2024, it rose by 121%, hitting an all-time high of $108,135 in December. On Monday, following US President Donald Trump's inauguration, Bitcoin hit an all-time high of $109,225.

Trump had earlier indicated that he would like to establish the US as the world's "crypto capital" and establish a national reserve of Bitcoins.

Fink spoke to an audience at a meeting in Davos on Wednesday. He told the audience that he is a strong supporter of Bitcoin, the world's biggest cryptocurrency, as a useful tool for finance.

He explained, "If you're worried about your money depreciating, or you're worried about the political or economic stability of your country, you can use Bitcoin, which is globally based, to take away those local worries."
The investor cited an institutional trend of acceptance of the cryptocurrency.

"I was with a sovereign-wealth fund this week, and they had a conversation, should we have a 2% allocation? Should we have a 5% allocation? If everybody had that conversation, it would be $500,000, $600,000, $700,000 for bitcoin," Fink argued. The investor said he was not encouraging the token.

BlackRock introduced Bitcoin Trust and Ethereum Trust last year, funds that invest directly in each of the two cryptocurrencies.

Fink did have his doubts about cryptocurrencies. In 2018, he told Bloomberg that BlackRock's customers weren't interested in crypto.

Developed in 2009, Bitcoin allows individuals to transfer and receive money over the internet without involving governments or banks. Its decentralized nature has also seen it become readily available for criminal networks to utilize it for illicit purposes such as money laundering and sponsoring terrorism.

Its price is largely regulated by how much of it there is, market demand, the quantity of other cryptocurrencies, and how investors view it.

Most people apply Bitcoin to purchase goods and services, but there are no international laws governing it. El Salvador legalised Bitcoin as money in 2021.

World governments fear the emergence of cryptocurrencies. They are warning people of the danger of investing in something that might rapidly alter its value.