According to $10 trillion asset manager BlackRock CEO Larry Fink, leading cryptocurrency Bitcoin (BTC) may reach $700,000 amid economic instability. In a Davos interview, the CEO praised Bitcoin as a reliable alternative in an economy plagued by fear and uncertainty.
JUST IN: BlackRock CEO Larry Fink says he’s a “big believer” in Bitcoin and predicts it could rise to $700,000. pic.twitter.com/AHDkfWr4gK
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Fink says Bitcoin is a hedge against currency depreciation and political instability. He said that if sovereign wealth funds worldwide allocate just 2 to 5 percent to Bitcoin, the price could reach $700,000. “If you are afraid of humiliation or local political instability, you have an international instrument called Bitcoin to overcome these fears. ” “We could see $500K, $600K, $700K per BTC,” BlackRock’s CEO noted. He also made sure to mention that he was not “endorsing” Bitcoin, but merely predicting its potential.
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While these forecasts by BlackRock’s Larry Fink for Bitcoin seem positive, they are underscored by the asset’s history of volatility. Regulatory developments, adoption rates and macroeconomic conditions will ultimately determine Bitcoin’s future. Fortunately, the new US administration has already set the stage for crypto regulation and more opportunities. The recently ramped-up SEC could be set to provide clear jurisdiction for cryptocurrency and future ETF approvals, opening the door for another crypto bull run. The fact that Bitcoin is the head of the industry with a far and away leading market value, can mean that Bitcoin rises significantly.
While $700,000 may still be some time away, Larrk Fink echoes several industry crypto experts who are bullish on the asset’s potential over the next few years. The asset has already increased by 156% in the last calendar year. Several analysts see another similar spike in 2025, paving the way for a boom to $200,000 and beyond. Once Bitcoin reaches that level, only the sky can be the limit.
