The price of Bitcoin could jump to $700,000 if sovereign funds and companies decide to invest more - from 2% to 5% - in the cryptocurrency. This opinion, according to the Financial Times (FT), was expressed by the head of one of the largest investment companies in the world, BlackRock, Lawrence Fink, speaking at a session at the World Economic Forum in Davos.
The price of Bitcoin reached a new all-time high this week, exceeding $109,500, according to data from the Binance platform.
“If you are afraid of the depreciation of your currency or are concerned about the economic or political stability of the country, you may have an international instrument called Bitcoin that will allow you to overcome those fears“, analysts commented. According to the BlackRock CEO, while visiting the sovereign wealth fund the other day, he had “a conversation about whether to invest 2% or 5% of the funds in Bitcoin?“ “If everyone followed this, then the Bitcoin rate would be $500,000, $600,000, $700,000,” says Fink.
The head of the American company, who, as the publication recalls, was skeptical of digital assets and said in 2018 that BlackRock clients are not interested in cryptocurrency, said on Wednesday that he is a “big supporter” of digital assets. using bitcoin as a tool.
Bitcoin is a decentralized system of the same name cryptocurrency, based on blockchain technology, which can be “mined“ by (issuing) any user who is a participant in the system. To do this, you need to create new system blocks. The concept was published in November 2008 by its author (presumably a team of authors) under the pseudonym Satoshi Nakamoto. The peak of Bitcoin's popularity has been noted only in recent years.