Blackrock CEO Larry Fink thinks Bitcoin, currently priced at around $104,200, could reach $700,000, but that's only if people are worried about the stability of their currencies around the world. And while it's anyone's guess whether Fink's logic is sound or not, And people will flock to crypto in times of crisis. (That extremely general thesis has yet to be proven.) But it is certainly true that the election of Donald Trump has the potential to inject a wealth of information. Instability in the global economic landscape
Fink made his predictions about the future price of bitcoin on Wednesday at the World Economic Forum in Davos, Switzerland. While discussing technology trends such as artificial intelligence. and digital currency with Bloomberg Fink was previously skeptical of crypto in the late 2010s, saying: Back in 2017 that “Bitcoin just shows you how much demand there is for money laundering in the world,” but the billionaire has changed his mind in recent years. and become a true believer in the promise of cryptocurrencies by 2021.
Fink doesn't just seem to believe that crypto is a good thing. But relying on fear is really an asset. This billionaire thinks people can make a lot of money off of instability, or at least worrying about instability around the world.
“When I was a student of crypto, it was clear to me that crypto is a currency of fear, and that's OK,” Fink during a Wednesday availability of the talk. Youtube–
Fink was sharing the stage with Peng Xiao, CEO of AI company G42, who intervened in Fink's argument that fear drives Bitcoin “to some degree,” but Fink instead emphasized the idea that it's “okay” that Bitcoin's fate Must rely on fear
“If you are afraid that your currency will fall Or are you afraid of the economic or political stability of your country? You may have a universally used tool called Bitcoin to overcome those local fears. So I have a lot of faith in using that as a tool,” Fink said.
Fink went on to say that the price of Bitcoin could reach “$500,000, $600,000, $700,000 per Bitcoin,” emphasizing that “I'm not promoting that.”
Fink also said he believes bonds and stocks should be “tokenized.” Why? That part isn't clear because it doesn't make any sense. But why not? We went through this crazy cycle a few years ago. When everyone was jumping on the NFT and tokenization bandwagon, things that weren't necessarily tokenized. There may be another recovery.
“The fact that we are not moving forward in tokenization. Every bond and stock is crazy,” Fink said. “We should move into that territory. Of course there are winners and losers and all that. But we need to prepare for the creation of tokens. And it would make finance more democratic if we tokenized bonds and stocks.”
Fink also addressed the energy needs of the massive data centers that are still being built around the world to support AI's needs. Those data centers require huge amounts of energy, which Fink addressed by mentioning nuclear power as a solution.
“We need many energy partners to be able to do this on a global scale,” Fink said, “and we hope this stimulates a conversation about what role nuclear can play in the energy mix.”
Fink gave a nod to renewables, saying they would be part of the mix, but said “unless fusion is practical and we have a new energy source,” it would be necessary to work with what's available.
There are big questions about the future of the U.S. economy. that is being hacked at Davos and elsewhere, for example, inflation no longer seems to be something the ruling class fears. The 2024 US presidential election, though, will still depend on whether the new president can lower prices.
JPMorgan CEO Jamie Dimon was asked about Trump's plans to impose tariffs on Mexico and Canada. This is expected to come into effect around February 2019. 1. and Dimon, which is valued at $2.7 billion. He doesn't seem comfortable with this opportunity.
“If it swells a little, it is good for national security. It has to be like that.' I mean, get over it,” Dimon told CNBC's Andrew Ross Sorkin. Wednesday–
That sounds like a good mantra for rich people in the new Trump era. No matter what, you have to get through it. We would hear this a lot if Trump were able to destroy the economy. That may not be what most Trump supporters thought they were registering when they voted for the 47th president, but it's exactly what they got.