Larry Fink shared his bold prediction for Bitcoin (BTC) trade price and indirectly said that economic instability is a good thing for Bitcoin’s growth.
Larry Fink is CEO of BlackRock, the world’s top fund manager, which manages more than $11 trillion worth of assets. In 2023, this fund manager showed interest in Bitcoin & filed an application for a Bitcoin spot ETF product and successfully secured regulatory approval from the United States Securities and Exchange Commission (SEC) in Jan 2024. Currently, BlackRock is the top Bitcoin spot ETF ($IBIT) issuer in the world.
On 22 Jan 2024, Larry Fink said that there is a huge fear of currency debasement and economic instability in the world, and it is a good thing for Bitcoin.
According to Fink, under these instability & fear situations, people have an international asset investment option, called Bitcoin. If the uncertainty & fear continues, then we may see Bitcoin price increase from $500k to $700k.
Fink also clarified that he is not promoting Bitcoin & he believes that Bitcoin could climb $700k because of Bitcoin’s role as a hedge against economic instability.
Shift in Fink’s view around Bitcoin & Crypto
Before 2023, Larry Fink was a Bitcoin hater and many times he slammed this digital assets industry. In 2021, Fink admitted that demand for cryptocurrencies increased a little bit but still ignored the potential of this sector.
But after studying Bitcoin, under his leadership, BlackRock filed for Bitcoin spot ETF product in the middle of 2023 and now his company manages $57 billion only for its Bitcoin fund.
Bitcoin price action
The current trade price of Bitcoin ($BTC) is $103,403 & this price level is 2.42% lower over the last 24 hours period.
A couple of days ago, Bitcoin hit a new all-time high of $109,241, following the sudden increment in the bull sentiments around the crypto sector during the inauguration of Donald Trump in the US presidential office.
Read also: $TRX founder wants to become Ethereum Foundation leader to push $ETH to $10k
