Larry Fink, the Chief Executive Officer of BlackRock, talked about the possibility for Bitcoin (BTC) to attain values of $500,000, $600,000, or even $700,000 per coin.
He elaborated on how institutional acceptance could greatly influence Bitcoin’s price, indicating that even a minor allocation from investors towards Bitcoin could drive the cryptocurrency to such elevated figures.
BlackRock CEO’s Bitcoin Forecast
During a chat with Bloomberg at the World Economic Forum in Davos, Fink presented one of the most optimistic scenarios for Bitcoin. He mentioned a recent dialogue with a sovereign wealth fund where the matter of Bitcoin allocation came up.
“I was with a sovereign wealth fund this week and that was the discussion: ‘Should we consider a 2% allocation, or perhaps a 5% allocation? If every entity engaged in that conversation, we could see Bitcoin prices at $500,000, $600,000, or $700,000,” stated Fink.
Nevertheless, Fink promptly emphasized that he was not explicitly endorsing Bitcoin.
“I’m not advocating it, by the way. That is not my endorsement,” he remarked.
Fink’s positive perspective on Bitcoin resonates with statements made by Coinbase CEO Brian Armstrong, who has recently forecasted that Bitcoin might eventually reach multi-million dollar valuations.
The BlackRock CEO further detailed crypto’s significance in the global economy, referring to it as a “currency of fear.” He articulated that Bitcoin acts as a refuge for those worried about the depreciation of their national currency or the political and economic instability of their nation.
“An internationally recognized instrument like Bitcoin that will alleviate those local concerns,” he commented.
BlackRock’s Bitcoin Approach
Remarkably, BlackRock has been proactively boosting its involvement with the leading cryptocurrency. In 2024, the firm was the first to gain approval from the US Securities and Exchange Commission (SEC) for a Bitcoin exchange-traded fund (ETF).
As part of its ETF strategy, BlackRock has been accumulating Bitcoin, positioning itself among the largest holders of the cryptocurrency. According to the latest figures, BlackRock’s Bitcoin inventory is a notable 569,343.23770 BTC. These assets are valued at more than $60 billion at present rates.
Indeed, as per intelligence provider Arkham Intelligence, BlackRock executed its largest Bitcoin acquisition of the year by buying $600 million worth of Bitcoin.
That’s not the end of the story. BlackRock’s iShares Bitcoin Trust ETF (IBIT) is the premier Bitcoin ETF in the US market. According to data from SoSo Value, it accounts for 2.89% of the total Bitcoin market cap.
Moreover, on January 22, the IBIT ETF experienced inflows totaling $344.28 million. In contrast, other Bitcoin ETFs saw either minimal or negative inflows.
In addition to its US offerings, BlackRock inaugurated the iShares Bitcoin ETF in Canada on January 13, trading under the ticker “IBIT” on Cboe Canada, thereby broadening its Bitcoin investment approach globally.
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