tl;dr
Blockchain analytics firm Arkham reports that BlackRock, a major asset management company with over $10 trillion in assets under management, has purchased an additional $1 billion in Bitcoin, bringing its total Bitcoin holdings to 572,616 BTC worth $58.43 billion. BlackRock also holds $3.75 billion ...
BlackRock, a major asset management company with over $10 trillion in assets under management, has purchased an additional $1 billion in Bitcoin, bringing its total Bitcoin holdings to 572,616 BTC worth $58.43 billion. BlackRock also holds $3.75 billion worth of Ethereum and $72.02 million worth of the stablecoin USDC.
CEO Larry Fink expressed optimism about Bitcoin's potential, suggesting it could reach as high as $700,000 per BTC if sovereign wealth funds adopt it as a hedge against economic and political uncertainties. Fink highlighted the potential for Bitcoin to serve as an internationally based instrument to overcome local fears, such as inflation and instability.
New data from blockchain analytics firm Arkham reveals that BlackRock now controls 2.7% of all Bitcoin supply with its latest 10-figure BTC purchase. At the time of writing, BlackRock owns 572,616 BTC worth $58.43 billion. Other notable digital assets in BlackRock’s portfolio include $3.75 billion worth of Ethereum and $72.02 million worth of the stablecoin USDC.
CEO Larry Fink said Bitcoin could soar to as high as $700,000 per BTC if sovereign wealth funds begin accumulating the flagship digital asset as a hedge against “local fears” such as inflation and political or economic uncertainty. According to Fink, Bitcoin could see drastically higher prices if sovereign wealth funds begin to adopt it.