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In a bold prediction, Larry Fink, CEO of BlackRock, forecasts that Bitcoin could soar to as high as $700,000, representing a potential 600% increase from its current value. Fink's comments were made during an interview with Bloomberg at the World Economic Forum in Switzerland, where he highlighted the role of institutional adoption in driving Bitcoin's valuation.
According to Fink, for Bitcoin to reach its projected potential, institutional investors would need to raise their portfolio allocations to Bitcoin from the current level of around 1% to at least 5%. He noted that this level of investment is crucial for significant price appreciation. Cathie Wood of Ark Invest echoed similar sentiments, suggesting that if adoption increases to 6.5%, Bitcoin could even reach $1 million by 2030.
Fink emphasized that increasing investments in Bitcoin exchange-traded funds (ETFs) could signal greater institutional interest, which may further elevate Bitcoin's price. Currently, Bitcoin is valued at approximately $100,000, with its market capitalization nearing $2 trillion, highlighting the cryptocurrency's substantial growth over the past decade.