BlackRock CEO Larry Fink predicts BTC could rise to $700k, says he is a “big believer” in Bitcoin

BlackRock’s Chief Executive Officer Larry Fink confirmed in an interview that he strongly believes in Bitcoin. He also predicted that the asset’s underlying price could skyrocket to $700k shortly.

Bitcoin’s legitimacy as an investment vehicle is gaining momentum among institutional investors. Larry Fink, the Chief Executive Officer of the world’s largest asset management firm, BlackRock, revealed in an interview that he was a strong believer in Bitcoin. 

BlackRock CEO Larry Fink says Bitcoin could overcome the uncertainty in fiat currencies

Larry Fink explained that those frightened by the debasement of their local fiat currencies or uncertain about the political or economic stability of their respective countries should turn to Bitcoin. He said that the uncertain investors have an internationally based instrument (Bitcoin) that could aid them overcome their fears. 

*BLACKROCK’S FINK: “If you’re frightened of the debasement of your currency, or… of the economic or political stability of your country, you can have an internationally based instrument called Bitcoin that will overcome those local fears.. [BTC] could be $500k, $600k, $700k…” pic.twitter.com/HxDLWnbYz6

— Alex Thorn (@intangiblecoins) January 22, 2025

At the same time, the CEO announced he was a big believer in Bitcoin’s utilization as an instrument and sees the asset as a proper hedge against “hope, securities or equities.” He also mentioned that he had been with a sovereign wealth fund this week and the main conversation revolved around the allocation of Bitcoin. 

Fink revealed that the sovereign wealth funds are considering 2-5% allocations on the crypto asset. He explained that if everyone adopted that conversation, Bitcoin’s price could surge significantly. Fink predicted that Bitcoin could hit $700k.

“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.”

–Larry Fink

Larry Fink has been a strong supporter of Bitcoin. In October last year, the executive said Bitcoin was a new alternative to commodity assets such as Gold. However, Fink was not always a pro-crypto executive until recently. Back in 2017, Fink said Bitcoin was an index measuring money laundering tool used to gauge how much money is being made from criminal activity. 

BlackRock’s Bitcoin IBIT leads ETFs with $60 billion in Bitcoin under management

BlackRock ventured into the industry and launched its first-ever spot Bitcoin Exchange Traded Fund (ETF) in January last year. BlackRock’s iShares Bitcoin Trust (IBIT) is listed on the NASDAQ exchange and currently leads all other ETFs in the U.S. in assets under management. 

According to data from Sosovalue, a U.S. spot Bitcoin ETF tracker, IBIT currently has net assets under management worth $60.69 billion. Data from Bitcoin Treasuriesa also shows that the ETF has 563,134 Bitcoin in its custody. Fidelity’s FBTC trails behind IBIT with 209,069 Bitcoin while Grayscale Bitcoin Trust GBTC claims the third with 203,242 Bitcoin in its custody.

Bitcoin ETFs have recorded positive inflows in the last four consecutive working days. The data from Sosovalue shows that the ETFs received inflows worth $755 million on January 15th, $626 million on January 16th, and more than $1 billion on January 17th. 

As of January 21st, the entities witnessed inflows worth $802 million. Cumulatively, U.S. spot Bitcoin ETFs hold $123.59 billion in net assets under management which translates to 5.88% of Bitcoin’s market capitalization.

Trump’s first crypto executive order could touch on regulation 

According to data from CoinMarketCap, Bitcoin hit a new all-time high of $109,114 on January 20th. The crypto asset has been corrected since then and is exchanging hands for $104,483 at the time of this publication. The crypto asset has been down $1.60% in the last 24 hours, bringing its seven-day gain to 5.64%.

The recent dip in the crypto market may probably be because Trump omitted the industry from his day-one executive signings. The market had anticipated that the U.S. president would sign an executive order that endorses digital assets, but this never happened. 

However, Coinbase’s co-founder and CEO Brian Armstrong said in a recent interview that he was not too worried even after Trump secluded the sector when signing his day-one executive orders. 

When asked about what the first crypto executive order from the U.S. president would be, Armstrong explained that it’s only been a day;, he highlighted a high likelihood that Trump would instruct regulators and government agencies to collaborate and establish clear rules to allow capital to flow into the United States.

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