Larry Fink, the head of BlackRock, told Bloomberg in an interview Wednesday that he could envision scenarios that could result in BTC hitting $700,000, which would be seven times its value today.
SUBSCRIBE TO THE TRENDS JOURNAL FOR THE WORLD’S TOP TREND FORECASTS
Fink, who was in Davos, said bitcoin can be appealing for individuals concerned about the debasement of their currencies, or the economic/political stability in their country.
“You can have an internationally based instrument called bitcoin that will overcome those local fears,” he said. “So, I’m a big believer in the utilization of that as an instrument. So, if that becomes true, and you see that it can be a proper hedge against maybe hope security or equities, the question is: could you see a two or five percent allocation” in major sovereign wealth funds.
“If everybody adopted that conversation, it would be $500,000, $600,000, $700,000,” he said.
One commenter posted in response: “I would be saying this too if my business benefits from it. Larry Fink is the no different than Saylor at this point.” (He was referring to Michael Saylor, the head of MicroStrategy.
FOLLOW @HODLERHERALD
Max Keiser, a bitcoin enthusiast, recently told RT that the world is beginning to understand that bitcoin is really going to be the world reserve currency.
“You see what’s happening in the United States, Mike. President Trump has announced that he wants to create a bitcoin strategic reserve. They want to buy a million bitcoin. I think it’s highly problematic for them because of the incredible debt load that the United States carries,” he said.