He said that if sovereign wealth funds worldwide allocate just 2 to 5 percent to Bitcoin, its price could reach $700,000. “If you’re frightened about debasement or local political instability, you have an international instrument called Bitcoin to overcome those fears.” “We could see $500K, $600K, $700K per BTC” the BlackRock CEO noted.
Statement in Davos
Larry Fink has done quite a turnaround during the past few years with his opinion about Bitcoin. Now he outed himself again with quite a price target, 700.000 USD for one coin. He made the above statement during the World Economic Forum in Davos, which is running this week in Switzerland.
Too bullish?
The answer to this question depends on the time horizon we are looking at. I am pretty sure we won’t come anywhere near the 700k within the next 12-18 months. But if we look further it could well happen after the next halving in 2028-2030.
It is quite remarkable how bullish and open he speaks these days about Bitcoin since many others are still sceptical and cautious. Even more on such a big stage like Davos, which is a TradFi institution! He seems to have understood Bitcoin as a hedge against inflation, which he sees as big risk for world economy.
Well I guess it just shows how far Bitcoin adoption has come already and that with the ETFs and now a crypto friendly US administration, BTC has grown to be a legitimate asset class.
How do you see this statement by Fink?
