BlackRock chief foresees USD700,000 Bitcoin
Date
1/25/2025 6:30:43 AM
(MENAFN) Larry Fink, the CEO of BlackRock, has predicted that Bitcoin could soar to $700,000 if institutional investors allocate 2% to 5% of their portfolios to the cryptocurrency. Fink expressed strong belief in Bitcoin’s potential as a financial hedge, particularly for those concerned about the devaluation of currencies or political instability. He emphasized that growing institutional interest in Bitcoin could significantly drive its price up, citing discussions with sovereign wealth funds about including Bitcoin in their portfolios.
Bitcoin’s value has surged recently, jumping 121% in 2024, with a record high of $109,225 following US President Donald Trump’s inauguration. Trump had earlier proposed making the US the "crypto capital" and creating a national Bitcoin reserve. Fink noted that if institutional investors adopt a 2% to 5% allocation in Bitcoin, its value could rise to between $500,000 and $700,000.
While Fink had previously been skeptical about cryptocurrencies, BlackRock has since launched Bitcoin and Ethereum Trust exchange-traded funds, further signaling the company's growing interest in the crypto market. However, Bitcoin’s volatility, lack of international regulations, and concerns about its misuse by criminals remain challenges for the cryptocurrency.
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