BlackRock CEO Larry Fink touted Bitcoin BTC/USD as a tool for overcoming economic and political uncertainties on Wednesday, projecting it to rise to as much as $700,000 if the world catches up with this narrative.
What Happened: During an interview with Bloomberg on the sidelines of the World Economic Forum, Fink stated that Bitcoin could serve as a hedge against local fears related to currency debasement and political instability.
“If you’re frightened of the debasement of your currency or you’re frightened of the economic or political stability of your country, You could have an internationally based instrument called Bitcoin that will overcome those local fears, ” the CEO of the world’s largest asset manager said.
He also mentioned discussions he regularly has with the sovereign wealth funds about the possibility of allocating 2% to 5% of their portfolio to Bitcoin.
“If everybody adopted that conversation, you know, it would be $500,000, $600,000, $700,000 per Bitcoin,” Fink made a bold prediction.
See Also: Michael Saylor’s Proposal To Increase MicroStratagy’s Share Count Approved By Shareholders — More Bitcoin Purchases On The Cards?
Why It Matters: Fink’s views on Bitcoin have evolved with time. Back in 2017, he famously said, "Bitcoin just shows you how much demand for money laundering there is in the world."
The skepticism has given way to endorsement in recent years. In October, Fink deemed Bitcoin a unique asset class, comparable to commodities like gold, and predicted an expansion in its investment appeal.
His firm BlackRock recently suggested a “reasonable range” for Bitcoin allocation in multi-asset portfolios to be between 1% and 2%.
The company debuted its U.S. spot Bitcoin exchange-traded fund, iShares Bitcoin Trust ETF IBIT, last year, which ended up becoming the most successful ETF launch in history.
Price Action: At the time of writing, Bitcoin was exchanging hands at $102,438.56, down 2.93% in the last 24 hours, according to data from Benzinga Pro.
Image via Flickr/ Jolanda Flubacher
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