BlackRock CEO Suggests Bitcoin Price Might Reach $700,000

During a conversation with Bloomberg's Francine Lacqua at Bloomberg House in Davos, BlackRock CEO Larry Fink has  suggested that the price of Bitcoin, the leading cryptocurrency by market cap, could potentially surge all the way to the $700,000 level. 

This could happen if the cryptocurrency experienced much broader institutional adoption. 

Fink has revealed that he recently had a conversation with a sovereign wealth fund regarding a potential Bitcoin investment. The fund was asking the BlackRock boss whether it should have a 2% allocation or a 5% allocation. 

"If everybody adopted this conversation, it would be $500,000, $600,000, $700,000 per Bitcoin…I am not promoting it by the way. That is not my promotion," he said. 

As  reported by U.Today , the head of the $10 trillion asset manager behemoth has repeatedly argued that Bitcoin could potentially serve as an alternative to gold. 

Most recently, he has opined that the flagship coin could serve as a hedge against currency debasement or political instability. "I am a big believer in the utilization of that as an instrument," he said. 

According to  data provided by analytics platform SoSoValue, BlackRock's iShares Bitcoin Trust ETF (IBIT) has now surpassed a total of $60 billion worth of net assets.