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.
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.”
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