Trump's crypto silence restrains Bitcoin as Fink forecasts $700K
Published: 09:40 23 Jan 2025 EST
Bitcoin remained under pressure on Thursday in the absence of any key crypto policy announcements from Donald Trump, despite a bullish forecast from Larry Fink.
At US$102,188, the cryptocurrency dropped 1.4% for the day and reversed further from its record of over US$108,500, seen on Monday before Trump’s inauguration.
Further declines came despite speculation that Bitcoin could one day top the US$700,000 mark from Blackrock Inc boss Fink at the World Economic Forum in Davos.
Speaking to Bloomberg, he revealed discussions with sovereign wealth funds over buying into Bitcoin to stave off fears around the likes of dollar weakness on stubborn inflation.
“If everyone adopted that conversation, it would be $500,000, $600,000, $700,000 per Bitcoin,” he said.
“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 and Blackrock had led efforts to get spot Bitcoin exchange traded funds approved in the US in 2023, paving the way for a flurry of debuts last year.
Inflation jitters had spurred interest in Bitcoin most recently, according to Fink, in part as governments hiked spending to stimulate growth after pandemic-era lockdowns.
Fink’s comments failed to buoy Bitcoin into Thursday though, as traders continued to await any news from Trump on previously pledged supportive measures for the industry.
