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Here’s Why BlackRock CEO Thinks Bitcoin Could Hit $700K

The BlackRock CEO projected BTC could hit $500,000, $600,000, then $700,000.

Avatar image of Lucky Ebosele Lucky Ebosele•January 22, 2025

BlackRock CEO Larry Fink has made a bullish prediction about the future price of Bitcoin (BTC). In an interview with Bloomberg, he predicted that the original cryptocurrency could reach $700,000.

Economic Uncertainty

Fink’s forecast hinges on a potential rise in fears of currency debasement and economic instability. He explained that if investors lose confidence in traditional currencies due to economic uncertainty, they might seek refuge in Bitcoin, driving its price to an unprecedented level.

“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,” he said.

For this to happen, Bitcoin must increase by 572.08% from its current price of $104,164.

While Fink’s statement echoes the growing perception of Bitcoin as a hedge against inflation and an alternative to the traditional financial system, his prediction remains highly speculative. Several factors, such as macroeconomic conditions, regulatory development, and adoption rates, could also influence the price of Bitcoin.

In October, he also predicted that Bitcoin could reach a market cap of $50 trillion, which would propel the digital asset’s price to $2.5 million.

Hedge Against Inflation

Meanwhile, his latest prediction comes as Bitcoin continues to see increased institutional adoption. BlackRock itself holds $60 billion worth of BTC for its spot Bitcoin ETF, representing 3% of BTC’s current market cap of $2.06 trillion.

CoinTab reported late last year that a UK pension fund, which manages  $65 million, bought $1.95 million worth of Bitcoin, making it the first fund in the country to do so.

Recently, MicroStrategy added 11,000 BTC to its Bitcoin portfolio, bringing its total holdings to 461,000 BTC, worth $48 billion.

Lucky Ebosele

Lucky Ebosele is an avid writer covering cryptocurrencies and blockchain tech since 2021. He is constantly researching the latest trends and developments in the space. Away from crypto, he loves everything football.