On January 23, 2025, in a notable interview with Bloomberg, BlackRock CEO Larry Fink expressed a bullish outlook on Bitcoin, suggesting its price could soar to $700,000. This marks a significant shift from his previous skepticism, as he now regards Bitcoin as a 'hedge' against economic uncertainty and a 'currency of fear' for those worried about local currency devaluation and political instability.
Fink emphasized that global investors might increasingly turn to Bitcoin to safeguard their wealth amidst concerns over national currency debasement. He stated, 'If you fear the devaluation of your currency... you can turn to an instrument called Bitcoin.' He believes that if more investors adopt this view, Bitcoin's price could reach between $500,000 and $700,000.
Additionally, Fink noted that interest in Bitcoin is growing among sovereign wealth funds, reflecting a broader institutional acceptance. BlackRock has also made significant strides in the cryptocurrency space, including plans to launch a spot Bitcoin ETF in 2024 and a partnership with Coinbase to provide institutional clients access to Bitcoin through its Aladdin platform.