BlackRock CEO Larry Fink can see a world where bitcoin hits $700,000
2025-01-23
Category: None

BlackRock CEO Larry Fink may have made one of the most bullish cases for bitcoin on record.
Fink, while giving a televised interview to Bloomberg at the World Economic Forum in Davos, began speculating about what might happen if investors, both big and small, decided to allocate 2% to 5% of their portfolio to bitcoin.
"I was with a sovereign wealth fund during this week and that was the conversation — 'should we have a 2% allocation, should we have a 5% allocation?' — if everyone adopted that conversation, it would be $500,000, $600,000, $700,000 per bitcoin," said Fink.
Seemingly trying to temper any overreactions to his statement, he quickly added: "I'm not promoting it by the way. That is not my promotion."
Back in 2021, Fink said BlackRock had seen "little demand for digital assets" but the CEO's appreciation of bitcoin appears to have evolved significantly. In 2023, Fink talked about Bitcoin "digitizing gold" and making crypto, in general, "more democratized and ... much cheaper for investors." Then roughly a year ago BlackRock launched a spot bitcoin ETF, the iShares Bitcoin Trust ETF (IBIT), which is now the largest on the market with assets under management of nearly $57 billion, according to The Block Data Dashboard.
Amid the election of U.S. President Donald Trump, who has floated the idea of creating a strategic bitcoin reserve, the price of BTC recently hit an all-time high of more than $108,000. As of 11:53 a.m. ET, it was trading hands at $103,716.47, according to The Block Price Page.
During Fink's interview, he also suggested bitcoin exposure could help change people's lives, especially if they live in a country vulnerable to a volatile currency.
"If you're frightened of [the] debasement of your currency, or you're frightened of your economic or political stability of your country, you can have an internationally-based instrument called bitcoin, that will overcome those local fears," Fink said. "So, I'm a big believer in the utilization of that as an instrument."
According to a survey conducted by Bitwise Asset Management, the number of financial advisors who allocated crypto to their clients’ portfolios rose to 22% in 2024, up from 11% the previous year.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.