Larry Fink: Bitcoin will jump above $500,000 in the next 5 years

Larry Fink, CEO of BlackRock, predicted that the price of Bitcoin would exceed $500,000 within 5 to 10 years.

Larry Fink described Bitcoin as a potential asset worth $10 trillion, which enhances growing institutional confidence in cryptocurrencies.

The Bitcoin exchange-traded fund (iShares Bitcoin Trust), affiliated with BlackRock, leads the Bitcoin exchange-traded funds with managed assets totaling $62.65 billion.

The U.S. market currently hosts 11 Bitcoin exchange-traded funds, with total managed assets of $118.59 billion, and a daily trading volume of $2.66 billion.

BlackRock, the world's largest asset management company, announced the purchase of 5,613 Bitcoins worth $531.2 million.

This move is part of a long-term strategy that began with the launch of the Bitcoin spot fund (iShares Bitcoin Trust - IBIT), where BlackRock considers Bitcoin not just a speculative tool but a hedging asset against inflation, debt, and high-interest rates.