BlackRock’s bold investment in Bitcoin has sent shockwaves through the crypto market. The firm just invested $662 million into Bitcoin for its iShares Bitcoin Trust (IBIT) ETF, a significant move that underscores growing institutional interest in the cryptocurrency. BlackRock CEO Larry Fink sees Bitcoin reaching an unprecedented price of $700,000 per Bitcoin and believes it’s a hedge against currency debasement and economic instability. This prediction comes after BlackRock’s substantial investment and recent discussions with sovereign wealth funds. Institutional investors are considering allocating 2% to 5% of their portfolios to Bitcoin, which could significantly impact its value.