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Adoption rate soaring! BlackRock CEO: Bitcoin could surge to 700,000 dollars
BlackRock CEO Larry Fink, who once criticized BTC as a speculative asset with no client interest, now firmly believes that cryptocurrency is a hedge against inflation. He also believes that as adoption continues to rise, BTC may skyrocket several times, even potentially challenging the peak of $700,000.
At the World Economic Forum in Davos, Switzerland, Larry Fink discussed the prospects of AI and Crypto Assets with Xiao Peng, CEO of the AI company G42. When the topic shifted from AI to Crypto Assets, Xiao Peng referred to Crypto Assets as 'AI currency,' while Larry Fink described BTC as a 'hedge tool' against inflation and global uncertainties. He candidly expressed:
When I started delving into Crypto Assets, I realized that this is a form of 'fear currency.' But that's not a bad thing either. If you are worried about the depreciation of your national currency or the instability of the economic and political situation, BTC is an international tool that can help you overcome these localized fears.
In fact, as early as July last year, Larry Fink also expressed similar views, stating that if someone is 'fearful of the world', then BTC is an excellent investment option.
Larry Fink further revealed that he met with a senior executive of a sovereign wealth fund during Davos, who is evaluating whether to allocate 2% to 5% of assets to BTC. He added:
If such a conversation expands globally, the price of BTC could reach $500,000, $600,000, or even $700,000.
Nevertheless, he also jokingly reminded the audience that his words were not 'selling' BTC.
In recent years, BlackRock's business has been closely integrated with encryption assets such as BTC and Ethereum, attracting billions of dollars in capital inflows through its BTC spot ETF and other products. This year, BlackRock's iShares BTC Trust ETF (IBIT) has even surpassed its gold ETF in terms of asset size, becoming the market focus.
According to CoinGecko market data, as of the time of writing, the price of BTC has dropped by 2.9% in the past 24 hours, to 102,653 US dollars, slightly lower than the historical high of 108,786 US dollars set on Monday.
"The adoption rate is soaring! BlackRock CEO: BTC is expected to surge to $700,000" This article was first published in "Block Journal".