In an interview with Bloomberg, Larry Fink, the CEO of BlackRock, shared his views on Bitcoin (BTC) – the cryptocurrency with the largest market capitalization in the world. He described it as an ideal hedge against economic and political instability. Fink made a bold prediction that garnered widespread attention from cryptocurrency enthusiasts. In a discussion with a sovereign wealth fund, he mentioned whether to allocate 2% or 5% of the portfolio to Bitcoin. "If people start discussing this, the impact could be enormous. The value of Bitcoin could reach $500,000, $600,000, or even $1,000,000 per Bitcoin," he predicted.
Nevertheless, Fink clarified that he did not intend to promote Bitcoin, emphasizing, "I have no intention of that here." Speaking about concerns related to currency devaluation and geopolitical risks, Fink pointed out that Bitcoin could serve as an "international tool" capable of transcending local fears. "If you are worried about the devaluation of the currency or concerned about the economic and political stability of the country, Bitcoin is a viable solution," Fink remarked. Moreover, he suggested that Bitcoin could act as a hedge against hope, security, or even stocks.
Currently, BTC is trading near $103,700, down more than 1.70% in the past 24 hours.