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Moritz Hager
“This week, I had discussions with representatives from sovereign wealth funds about whether we should dedicate 2% of the portfolio to bitcoin investments. Or 5%? If all parties consented to that, the price of Bitcoin would reach $500,000, $600,000, or even $700,000,” Fink told.
Fink stated that after gaining insights into the cryptocurrency markets in recent years, he determined it is a “fear currency” and can serve as a hedging instrument. The leader of Blackrock stated that investors worried about the decline of their national currencies can turn to Bitcoin, as this asset will help them “overcome local fears.”
Fink has previously expressed doubt about digital assets, and in 2018 mentioned that BlackRock clients were not interested in cryptocurrencies, according to MarketWatch. While addressing the Davos forum this year, however, Fink declared that he is a “strong proponent” of Bitcoin as an investment option. Simultaneously, he noted that cryptocurrencies are highly volatile assets, and even in a bullish market, characterized by growth exceeding 20%, it is not unusual to see a 20-30% decline in Bitcoin.
source: marketwatch.com
Fink stated that after gaining insights into the cryptocurrency markets in recent years, he determined it is a “fear currency” and can serve as a hedging instrument. The leader of Blackrock stated that investors worried about the decline of their national currencies can turn to Bitcoin, as this asset will help them “overcome local fears.”
Fink has previously expressed doubt about digital assets, and in 2018 mentioned that BlackRock clients were not interested in cryptocurrencies, according to MarketWatch. While addressing the Davos forum this year, however, Fink declared that he is a “strong proponent” of Bitcoin as an investment option. Simultaneously, he noted that cryptocurrencies are highly volatile assets, and even in a bullish market, characterized by growth exceeding 20%, it is not unusual to see a 20-30% decline in Bitcoin.
source: marketwatch.com
