Bitcoin and cryptocurrency prices have swung wildly this week as investors prepare for US President Donald Trump to drop a bomb on the price of Bitcoin.
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The bitcoin price surged to an all-time high on Monday but has dropped back alongside Trump’s new memecoin.
Now, as fears grow of U.S. dollar crisis at the Federal Reserve, BlackRock chief executive Larry Fink as revealed he’s had discussions with sovereign wealth funds about buying bitcoin and predicted such conversations could catapult the bitcoin price to $700,000 per bitcoin—which would give bitcoin a market capitalization of $14 trillion.
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“If everyone were to take this conversation, it would be $500,000, $600,000, $700,000 consistent with bitcoin,” Fink, who led Wall Street’s run with bitcoin and cryptocurrencies last year with a fleet of spot exchange-traded funds (ETFs), told Bloomberg. World Economic Forum in Davos.
BlackRock led a campaign to get a spot bitcoin ETF approved in the U.S. through 2023, with a fleet of bitcoin funds making their debut in January 2024 before surging to become some of the fastest growing ETFs of all time.
U.S. spot bitcoin ETFs broke $100 billion in net assets for the first time in November, led by BlackRock’s iShares Bitcoin Trust (IBIT) which now has just over $60 billion in assets under management.
Fink warned that inflation fears have sparked interest in Bitcoin as governments have accelerated spending and stimulus measures in years to combat the effects of the covid-era lockdown.
“If you’re frightened of the debasement of your currency, you can have an internationally based instrument called bitcoin that will overcome those local fears,” Fink said.
Inflation has risen in recent years, peaking at more than 10% and forcing the Federal Reserve to raise interest rates at a historic pace, raising debt interest rates and fueling fears of a “death spiral. ” ” as the Federal Reserve continues to deal with looming stagflation. Nightmare scenario.
Last year, Blackrock’s Bitcoin and Cryptocurrency manager said the sovereign budget was showing interest in Bitcoin, in parallel with wild speculation that Qatar’s sovereign wealth fund was planning to buy bitcoin.
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Bitcoin’s value has risen more than $100,000 in recent months, boosted by Donald Trump’s victory, BlackRock’s Bitcoin club, and similar cave-in fears of the US dollar.
“Many of the interested corporations (whether pensions, endowments, sovereign funds, insurers, other asset administrators, family offices) are maintaining ongoing discussions about due diligence and research, and we are playing a role from an educational perspective. “Mitchnick said in May 2024, adding that Blackrock had noticed” a restart of Bitcoin debate. “
Meanwhile, Donald Trump’s plans to create a Bitcoin reserve to the U. S. gold reserve or its oil stockpile have driven Bitcoin into the spotlight.
In December, Trump confirmed he plans to establish a U.S. bitcoin strategic reserve. “We’re gonna do something great with crypto because we don’t want China, or anybody else … but others are embracing it, and we want to be ahead,” Trump told CNBC.
In July, the then Republican candidate Donald Trump promised to create a “Bitcoins National Reserve” and predicted that Bitcoin could eclipse the market capitalization of 16 billion dollars of gold in an appearance at the Bitcoin 2024 conference.
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