- Larry Fink told Bloomberg News that there is a new player looking to make big purchases of Bitcoin.
- He said price movements can be huge.
- Other Wall Street CEOs are also expressing bullish views on cryptocurrencies.
BlackRock CEO Larry Fink said on Wednesday that he is in talks with sovereign wealth funds that are actively exploring allocating 2% and 5% of their portfolios to Bitcoin.
“If everyone embraced this conversation, it would be $500,000, $600,000, $700,000 per bitcoin,” Fink said. Bloomberg News in interview At the World Economic Forum in Davos, Switzerland.
Concerns about political and economic instability are also driving Bitcoin adoption, he added.
“If you are afraid of your currency devaluing, you can have an international instrument called Bitcoin that will overcome those domestic fears,” he said.
Prevailing asset class
Growing interest among sovereign wealth funds, which manage billions of dollars for governments around the world, is the latest sign that bitcoin is becoming a mainstream asset class.
Bitcoin, which was priced at $104,806 late in the afternoon UK time, has now reached $104,806. jump Nearly 8% in the past seven days, according to CoinGecko.
Fink’s comments come after the spot Bitcoin ETF closed 2024 with the best debut in the asset product’s history. BlackRock’s iShares fund owns more than 546,000 bitcoins 60 billion dollars.
Other Wall Street leaders have also expressed optimistic views on Bitcoin.
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“If the rules come in and make it a real thing that you can actually deal with, then the banking system will Come on strong “On the transactional side of it,” said Brian Moynihan, CEO of Bank of America. CNBC In Davos.
Moynihan suggested adding cryptocurrencies as a payments product — much like Apple Pay. “This will be just another form of payment,” he added.
Innovative technology
Robin Vince, CEO of BNY Bank in New York, said blockchain-based assets look promising.
“Digital assets represent a new, innovative and interesting technology, which we believe could be important for the financial system over the next 10-20 years.” He said CEO of BNY.
Analysts expect 2024 The four major banks will begin offering cryptocurrency custody to customers this year.
Pedro Solemano is a markets correspondent based in Buenos Aires. Got a tip? Send him an email at psolimano@dlnews.com.
