Blackrock CEO Larry Fink Says Bitcoin Could Rise to $700,000 on Fiat Fears: ‘If you’re afraid of the decline…’ – BlackRock (NYSE:BLK)
Black Rock CEO Larry Fink Described Bitcoin Bitcoin/US Dollar As a tool to overcome economic and political uncertainties on Wednesday, it is expected to rise to as much as $700,000 if the world catches on to this narrative.
What happened: During an interview with Bloomberg on the sidelines of the World Economic Forum, Fink stated that Bitcoin could serve as a hedge against domestic concerns regarding currency depreciation and political instability.
“If you are afraid of the devaluation of your currency or you are afraid of economic or political stability in your country, it is possible to have an international tool called Bitcoin that can overcome those domestic fears,” said the CEO of the world’s largest company. The asset manager said.
He also pointed to discussions he regularly has with sovereign wealth funds about the possibility of allocating 2% to 5% of their portfolio to bitcoin.
“If everyone embraced this conversation, you know, it would be $500,000, $600,000, $700,000 per bitcoin,” Fink made a bold prediction.
See also: Michael Saylor’s proposal to increase the number of MicroStrategy shares has been approved by shareholders – more Bitcoin purchases on the cards?
Why does it matter?: Fink’s views on Bitcoin have evolved over time. In 2017, he famously said: “Bitcoin just shows you how much demand there is for money laundering in the world.”
Skepticism has given way to support in recent years. In October, Fink viewed Bitcoin as a unique asset class, comparable to commodities such as gold, and predicted an expansion in its investment appeal.
His firm BlackRock recently suggested a “reasonable range” for Bitcoin allocation in multi-asset portfolios of between 1% and 2%.
The company debuted its Bitcoin exchange-traded fund in the US, iShares Bitcoin Trust ETF Ebitlast year, which ultimately became the most successful ETF launch in history.
Price action: At the time of writing, Bitcoin is trading at $102,438.56, down 2.93% over the past 24 hours, according to Data from Benzinga Pro.
Image via Flickr/Jolanda Flowbacher
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