Bitcoin Price Prediction: BlackRock’s Larry Fink Endorses BTC as Digital Gold
Larry Fink, CEO of BlackRock, the world’s largest asset management firm managing over $10.6 trillion, recently revised his view on Bitcoin, labelling it as “digital gold” and a “legitimate financial instrument” in a CNBC interview.
This significant pivot marks a milestone for cryptocurrency acceptance in mainstream finance and supports a positive Bitcoin price prediction.
Once a sceptic, Fink changed his stance after closer analysis, stating, “I was wrong,” and now recognizes Bitcoin’s potential for offering returns not correlated with traditional assets.
He views Bitcoin as a beneficial asset in economies where national policies lead to currency devaluation, supporting the idea of Bitcoin as a hedge against inflation.
Aligning with Fink’s new outlook, BlackRock launched the iShares Bitcoin Trust (IBIT) in January 2024, which quickly became the world’s largest Bitcoin ETF with over $18 billion in assets, $4 billion of which was acquired in the second quarter of 2024 alone.
The firm has also integrated Bitcoin ETF shares into its Strategic Income Opportunities Fund and Strategic Global Bond Fund, providing broader access to Bitcoin for income-focused investors.
Fink’s endorsement and BlackRock’s integration of Bitcoin influenced the cryptocurrency’s market value, leading to a surge in Bitcoin prices above $60,000 following the interview. This boost was mirrored by a significant uptick in institutional investments, with Bitcoin investment vehicles experiencing substantial inflows.
The Daily Modern Market Snapshot: Tue 16 Jul
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