Bitcoin’s future just got a bold endorsement, courtesy of BlackRock CEO Larry Fink. Speaking at the World Economic Forum, Fink suggested that Bitcoin could hit $700,000 per coin if asset managers allocate just 2%-5% of their portfolios to the cryptocurrency. He described Bitcoin as “an internationally based instrument” that could protect against fears of currency debasement or political instability, emphasizing its role as a hedge. However, Fink clarified he wasn’t promoting Bitcoin, merely exploring its potential impact.
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Inflation Remains a Key Concern
Despite U.S. inflation data coming in slightly below expectations at 3.2%, concerns persist. Critics argue the Consumer Price Index (CPI) underestimates real inflation. A shareholder proposal at Meta claimed inflation could be nearly double the CPI figures, highlighting Bitcoin’s potential as a reserve asset.
Bitcoin Holds Strong despite Market Shifts
Bitcoin remained steady at $104,000 even after the Bank of Japan hiked interest rates to a 17-year high. Risk assets, including Bitcoin, showed resilience, indicating market focus may be shifting toward U.S. policies under President Trump, who recently signed an executive order banning digital dollars while promoting crypto innovation.
At the time of writing, Bitcoin I sitting at $105,192.00.
