BlackRock's Larry Fink Endorses Bitcoin, Sees $500K-$700K Price Potential
BlackRock CEO Larry Fink has warmed up to Bitcoin, now considering it a legitimate financial instrument. He has advised clients to allocate a portion of their portfolios to Bitcoin, with Fink himself discussing a 2 to 5 percent allocation with a sovereign wealth fund.
Fink's shift in stance comes after studying Bitcoin more closely. He has previously referred to it as 'digital gold' and an alternative monetary system. BlackRock's Bitcoin ETF, IBIT, manages over 570,000 BTC, currently worth around $60 billion, generating approximately $125 million in annual revenues.
If sovereign wealth funds, which collectively manage an estimated $11.5 trillion, adopt a 5 percent allocation to Bitcoin, it could result in over $500 billion in buying demand. This could potentially drive the Bitcoin price up to $500,000 to $700,000. At a $700,000 price, Bitcoin's market capitalization would reach over $14 trillion, comparable to gold's current market cap.
Larry Fink's endorsement of Bitcoin could influence other investors to adopt a similar allocation strategy. If a significant portion of the $11.5 trillion managed by sovereign wealth funds were to flow into Bitcoin, it could have a substantial impact on the cryptocurrency's price and market capitalization.
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