BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply – Crypto News – Crypto News
Connect with us
BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply

others

BlackRock Buys Another $1,000,000,000 Worth of Bitcoin in a Week To Control 2.7% of BTC Supply – Crypto News

Published

1 year ago

on

New data from blockchain analytics firm Arkham reveals that asset management titan BlackRock piled up another $1 billion in Bitcoin (BTC) last week.

Arkham says that BlackRock – which has over $10 trillion in assets under management – now controls 2.7% of all Bitcoin supply with its latest 10-figure BTC purchase.

At time of writing, BlackRock owns 572,616 BTC worth $58.43 billion.

Source: Arkham/X

Other notable digital assets in BlackRock’s portfolio include $3.75 billion worth of top altcoin Ethereum (ETH) and $72.02 million worth of the stablecoin USDC.

Amid the asset management firm’s buying spree last week, BlackRock CEO Larry Fink said Bitcoin could soar to as high as $700,000 per BTC during the World Economic Forum (WEF) event in Davos, Switzerland.

According to Fink, Bitcoin could see drastically higher prices if sovereign wealth funds begin accumulating the flagship digital asset as a hedge against “local fears” such as inflation and political or economic uncertainty.

“If you’re frightened of the debasement of your currency or you’re frightened of the economic or political stability of your country, you can have an internationally based instrument called Bitcoin that will overcome those local fears. And so I’m a big believer in the utilization of that as an instrument, and so if that becomes true and you see that it could be a proper hedge against hope securities or equities, the question is, could you see it be a 2% or 5% allocation?

I was with a sovereign wealth fund during this week and that was the conversation. Should we have a 2% allocation? Should we have a 5% allocation? If everybody adopted that conversation, it would be $500,000, $600,000, $700,000 per Bitcoin.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending