Recent data from Arkham, a blockchain analytics firm, shows that BlackRock has made another significant move in the Bitcoin market. They purchased an additional $1 billion in Bitcoin (BTC) just last week.
Now, BlackRock controls 2.7% of the entire Bitcoin supply. That’s quite a hefty amount for a firm managing over $10 trillion in assets!
As it stands, BlackRock owns 572,616 BTC, which is valued at around $58.43 billion. In addition, they hold $3.75 billion in Ethereum (ETH) and $72.02 million in the stablecoin USDC.
During the World Economic Forum (WEF) in Davos, Switzerland, BlackRock's CEO, Larry Fink, shared some bold predictions. He suggested that Bitcoin could potentially soar to $700,000 per BTC. That’s a big claim!
Fink explained that if sovereign wealth funds start buying Bitcoin as a hedge against local issues—like inflation or political instability—we could see prices rise dramatically.
He said, “If you’re worried about your currency losing value or your country’s stability, Bitcoin offers an international safety net. I believe in its potential as a protective asset.”
He also mentioned discussions he had with a sovereign wealth fund, saying they were contemplating a 2% or even 5% allocation to Bitcoin. “If that idea gains traction, we could be looking at prices of $500,000, $600,000, or even $700,000 per Bitcoin,” he added.