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During a conversation with Bloomberg's Francine Lacqua at Bloomberg House in Davos, BlackRock CEO Larry Fink has suggested that the price of Bitcoin, the leading cryptocurrency by market cap, could potentially surge all the way to the $700,000 level.
This could happen if the cryptocurrency experienced much broader institutional adoption.
Fink has revealed that he recently had a conversation with a sovereign wealth fund regarding a potential Bitcoin investment. The fund was asking the BlackRock boss whether it should have a 2% allocation or a 5% allocation.
"If everybody adopted this conversation, it would be $500,000, $600,000, $700,000 per Bitcoin…I am not promoting it by the way. That is not my promotion," he said.
As reported by U.Today, the head of the $10 trillion asset manager behemoth has repeatedly argued that Bitcoin could potentially serve as an alternative to gold.
Most recently, he has opined that the flagship coin could serve as a hedge against currency debasement or political instability. "I am a big believer in the utilization of that as an instrument," he said.
Alex DovbnyaAccording to data provided by analytics platform SoSoValue, BlackRock's iShares Bitcoin Trust ETF (IBIT) has now surpassed a total of $60 billion worth of net assets.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Dan Burgin
Vladislav Sopov