crypto.news
BlackRock CEO Larry Fink has suggested that Bitcoin’s price could surge to $700,000 if sovereign wealth funds allocate 2% to 5% of their portfolios to the cryptocurrency.
Speaking at the World Economic Forum in Davos, Fink highlighted Bitcoin (BTC) as a tool to address concerns about currency debasement and political instability.
“If you’re frightened about debasement or local political instability, you have an international instrument called Bitcoin to overcome those fears,” Fink said. “We could see $500K, $600K, $700K per Bitcoin.”
Despite his optimistic outlook, Fink clarified that he is not promoting Bitcoin, instead emphasizing its volatility. He noted that even during bull markets, Bitcoin has experienced significant price corrections.
BlackRock buys $600 million of Bitcoin
Additionally, Arkham Intelligence reported that BlackRock acquired $600 million worth of Bitcoin today, marking its largest purchase in 2025.
Currently, BlackRock’s iShares Bitcoin Trust holds 559,262 BTC, valued at approximately $58.51 billion.
BLACKROCK IS BACK.
— Arkham (@arkham) January 22, 2025
THEY JUST BOUGHT $600 MILLION OF BITCOIN, THEIR LARGEST BUY SO FAR THIS YEAR. pic.twitter.com/QLAm5eaik4
In line with this, BlackRock has expanded its cryptocurrency offerings. The firm launched its iShares Bitcoin Trust and iShares Ethereum Trust last year, enabling direct investments in Bitcoin and Ethereum (ETH), respectively.