Larry Fink, CEO of BlackRock, recently projected that Bitcoin’s price could soar to as high as $700,000 in the future. This prediction comes amid global concerns about currency devaluation and economic instability.
Bitcoin as a Hedge Against Instability
In an interview with Bloomberg on Wednesday (Jan. 22, 2025), Fink emphasized Bitcoin’s strategic role as a hedge against currency devaluation and local political instability.
“If you’re worried about currency depreciation or local political instability, you have an international instrument called Bitcoin to address those concerns. We could see Bitcoin’s price hitting $500,000, $600,000, or even $700,000 per Bitcoin,” said Fink.
Fink elaborated that this potential price surge heavily depends on increased institutional adoption of Bitcoin. He shared that he recently had a discussion with a sovereign wealth fund about Bitcoin investments, where the fund sought advice on allocating 2% or 5% of its portfolio to Bitcoin.
This prediction aligns with Fink’s previous statement in October 2024, where he referred to Bitcoin as an alternative to gold.
BlackRock’s Growing Interest in Crypto
BlackRock has demonstrated significant interest in crypto, particularly after successfully launching the iShares Bitcoin Trust (IBIT), a Bitcoin spot Exchange-Traded Fund (ETF), in the United States in January 2024. This product attracted massive institutional investor inflows into Bitcoin, pushing the asset’s price to $73,000 for the first time in March last year.
According to data from SoSoValue, BlackRock’s IBIT has become the largest Bitcoin ETF, managing net assets worth over $60 billion, with a total net inflow of $39 billion.
Current Bitcoin Price Performance
As of this writing, Bitcoin’s price stands at approximately $102,500, reflecting a 2% decline from its previous level of $105,600, according to data from CoinMarketCap. Bitcoin achieved an all-time high of $109,100 on January 20, 2025, ahead of the inauguration of U.S. President Donald Trump.
Fink’s optimism for Bitcoin reflects the growing confidence in its role as a global financial asset, potentially setting the stage for another significant bull run in the coming years.
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