BlackRock’s Boss Larry Fink Sees Bitcoin Reaching $700K in This Scenario

BlackRock, the firm headed by Fink, oversees a total of $10.5 trillion in assets for investors across the globe. This makes him a prominent voice in the financial industry and this kind of statement will probably reach a lot of ears.

Fink sees Bitcoin surging to those levels if individuals and organizations across the globe who live in countries that are undergoing some sort of political and economic turmoil turn to the cryptocurrency to protect their wealth and the purchasing power of their money.

Alex Thorn, the head of Galaxy Research, shared the video clip earlier today in which Fink also stated that conversations are happening across the globe where large investment funds and asset management firms that rely on BlackRock’s advice have asked how much they should allocate to Bitcoin.

“Should we have a 2% allocation or a 5% allocation?” This is the question that Fink is getting from the wealthy and powerful firms his company advises.

“If everybody adopted that conversation it would be $500,000, $600,000 or $700,000 per Bitcoin,” he acknowledged during the interview.

Comments of this nature from such a prominent figure in the financial industry reveal what’s happening behind the curtains in the world of deep-pocketed investors where Bitcoin has progressively become a credible and well-established financial asset amid its massive $2 trillion market capitalization.

Bitcoin Hovers Near ATHs as the Market Waits for Trump’s First Pro-Crypto Moves

Bitcoin is down 1.6% in the past 24 hours as the market is taking a breather following a few days of extreme volatility that preceded Trump’s inauguration speech on Monday.

Despite today’s retreat, the bullish pennant pattern that we have been following for days is still holding up quite well as the price broke above the upper trend line of the formation and has found support multiple times at this same line on various occasions.

Buyers may be waiting for more concise details about Donald Trump’s crypto agenda in the next few days before the bullish cycle resumes. Another break above the $108,000 level would confirm the pattern’s bullish bias if it is accompanied by above-average volumes.

Meanwhile, the Relative Strength Index (RSI) has been on an uptrend since the beginning of the month and has already made two consecutive higher highs along the way.

BlackRock Manages the Largest Spot Bitcoin ETF in the World

BlackRock has acknowledged the potential of blockchain technology and cryptocurrencies as they were among the first companies to file an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

After receiving the nod from the regulatory agency in January last year, the iShares Bitcoin Trust has grown to become the largest spot ETF linked to the cryptocurrency at the time of writing with $60 billion in assets under management (AUM). At this level, this ETF alone generates $150 million per year in management fees for BlackRock.

The decentralized nature of the Bitcoin network has been one of its most popular characteristics since the asset was presented to the world by Satoshi Nakamoto in 2009.

Although public figures like Fink – including the President of the U.S. Donald Trump – were initially skeptical about its prospects, the influence that Bitcoin has on the financial world these days is a testimony to the power of its model and the head of BlackRock seems to understand that as indicated by his views of how the cryptocurrency fits in the global geopolitical landscape.