2025-01-23 14:41:15 by ZyCrypto

Advertisement &nbsp &nbsp Larry Fink, the CEO of the $10 trillion asset management giant BlackRock, sees a world in which the price of Bitcoin (BTC) reaches a whopping $700,000.  If asset managers allocated at least 2% to 5% of their assets to Bitcoin, the asset could eventually reach the coveted six-figure price point, Fink said on Wednesday during a conversation with Bloomberg’s Francine Lacqua at the World Economic Forum in Davos. Bullish BTC Adoption To Take Price To $700K Larry Fink indicated that he believes Bitcoin could potentially rocket to $700,000 amid currency debasement fears. “As I became a student of crypto, it was very clear to me that crypto is a currency of fear,” said Fink. “But that’s OK. If you’re frightened of the debasement of your currency or the economic or political stability of your country, you can have an international-based instrument called Bitcoin that can overcome those local fears.” Fink said Bitcoin is an investment many are considering making, including the managers of a sovereign wealth fund that Fink met with while in Switzerland this week. Fink said they were mulling whether to allocate 2% or 5% to BTC. Advertisement &nbsp “If everybody adopted that conversation,” he stated, “it would be $500,000, $600,000, $700,000 for Bitcoin.” In an attempt to temper any overexcitement stemming from his comment, Fink quickly told the audience that his words were not intended as a promotion of Bitcoin. Larry Fink’s Bitcoin About-Face It wasn’t so long ago that Larry Fink had dismissed Bitcoin as an “index of money laundering.” In 2021, Fink stated during an interview that BlackRock had witnessed “very little demand” for cryptocurrencies from their clients.   But his view on Bitcoin has since changed dramatically. Back in 2023, the BlackRock boss asserted that the biggest and oldest crypto Bitcoin was “digitizing gold” and making crypto, in general, “more democratized and … much cheaper for investors.” Then, in early 2024, BlackRock launched a spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT), which eventually grew big enough to surpass its gold ETF in total assets under management.