Investing.com – Speaking to Bloomberg at the World Economic Forum in Davos, BlackRock (NYSE:) CEO Larry Fink said he thinks it could rise to $700,000.
Fink said he is a “big believer in using” Bitcoin as a tool, explaining that those who are concerned about the decline in the value of their currencies or the economic or political stability of their countries could have “an international tool called Bitcoin.”
He added that it would “overcome those local concerns.”
He continued that when speaking with a sovereign wealth fund earlier in the week, the conversation centered on whether they should allocate 2% or 5% to Bitcoin.
“If everyone embraced this conversation, it would be $500,000, $600,000, $700,000 per bitcoin,” Fink declared.
But he clarified: “By the way, I am not promoting it. “This is not my promotion.”
In December last year, BlackRock was reported to have said in a report that it recommends investors consider allocating up to 2% of their investment portfolio in Bitcoin.
“Bitcoin’s role as a store of value and payments system makes it a potential diversification tool,” said Samara Cohen, chief investment officer (CIO) of ETFs and index investing at BlackRock.
Given its unique value drivers, we see no fundamental reason to associate Bitcoin with a major risk asset over the long term.
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