This could happen if the cryptocurrency experienced much broader institutional adoption.
BlackRock CEO Larry Fink has suggested that the price of Bitcoin (CRYPTO: BTC) could potentially reach $700,000 if the cryptocurrency experiences much broader institutional adoption.
During a conversation with Bloomberg's Francine Lacqua at Bloomberg House in Davos, Fink revealed that he recently had a conversation with a sovereign wealth fund regarding a potential Bitcoin investment.
The fund was asking the BlackRock boss whether it should have a 2% allocation or a 5% allocation.
"If everybody adopted this conversation, it would be $500,000, $600,000, $700,000 per Bitcoin…I am not promoting it by the way. That is not my promotion," he said.
The head of the $10 trillion asset manager behemoth has repeatedly argued that Bitcoin could potentially serve as an alternative to gold.
Most recently, he has opined that the flagship coin could serve as a hedge against currency debasement or political instability.
"I am a big believer in the utilization of that as an instrument," he said.
According to data provided by analytics platform SoSoValue, BlackRock's iShares Bitcoin Trust ETF (NYSE:IBIT) has now surpassed a total of $60 billion in net assets.
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