BlackRock CEO Larry Fink believes that Bitcoin could soon hit the $700,000 price tag if the fears of currency destabilization and economic instability remain high.
By Parth Dubey
Updated
3 mins read
As the pro-crypto administration of Donald Trump officially takes over, Larry Fink, the chief executive of the world’s largest asset management firm, BlackRock, has made a bold prediction for the market leading digital asset, Bitcoin. The executive sees a massive surge in the adoption of BTC $84 669 24h volatility: 1.4% Market cap: $1.68 T Vol. 24h: $33.34 B if fears of currency devaluation continues to rise.
On the other hand, Bitcoin recently printed a new all-time high of $109,000. Bullish predictions have popped up for the cryptocurrency with many industry experts calling 2025 a fundamental milestone for the digital asset. Prominent entrepreneur Tom Lee even sees Bitcoin at $250,000 by the end of the year.
Fink, stated in an interview that Bitcoin could soar well above $700,000 in the coming days if fears of currency debasement and economic instability capture investors’ sentiment. The statement from the CEO of the firm that has an AUM of $11.5 trillion captured the attention of market participants swiftly.
“If you’re frightened about debasement or local political instability, you have an international instrument called Bitcoin to overcome those fears. We could see $500K, $600K, $700K per BTC,” said Fink.
Fink also confirmed that even Sovereign Wealth Funds, i.e., state-owned investment funds that invest in assets, are considering allocating 2-5% of their capital to purchase Bitcoin. Such a scenario puts heavy bullish pressure on BTC.
It is important to mention here that BlackRock’s spot Bitcoin ETF, IBIT, is the largest BTC exchange-traded fund. The investment product has more than $60 billion in net assets and has recorded a cumulative inflow of $39 billion.
BTC opened the daily candle at $106K and reached a daily high of $107K, unable to break above its all-time high of $109K. At the time of writing, Bitcoin is trading at $103,780 after an almost 2% decline in the past 24 hours with significant chances of a retest of $100,000.
Bitcoin lost its bullish momentum because the new United States president, Donald Trump, did not mention anything about crypto in his inauguration speech. However, market participants remain bullish on the pro-crypto president’s promises surrounding favorable conditions for the growth of crypto companies and operations in the US.
The daily chart provided by TradingView below shows that the Relative Strength Index (RSI) for the BTC price action reads a value of 59.27, which means that the bulls are overall in control of the cryptocurrency’s price action. However, the gradient of the line suggests a retest of $100,000 in the near future.
The MACD indicator, a key indicator that reveals trend strength by tracking the relationship between two moving averages, remains bullish for Bitcoin. The MACD line (blue) maintains significant distance above the signal line (red), while the green histogram confirms their positive separation, suggesting continued upward price movement in the near term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
