BlackRock CEO Larry Fink and Tim Draper Endorse Bitcoin as Hedge, Predict $250,000 Target Amid Currency Debasement

Larry Fink, CEO of BlackRock, the world's largest asset manager with $12 trillion in assets, publicly endorsed Bitcoin as a hedge against currency debasement and a flight to safety amid concerns about the stability of national currencies. Fink described Bitcoin as "digital gold" and emphasized that people own Bitcoin because they fear the debasement of their currency and insecurity in their countries. Billionaire investor Tim Draper echoed this sentiment, calling Bitcoin the only hedge against reckless government spending and predicting a price target of $250,000. Draper dismissed altcoins, stating there is a "gravitational pull" toward Bitcoin and that its functionalities will eventually absorb those of alternative cryptocurrencies. He also criticized gold as "prehistoric thinking" compared to Bitcoin. The growing trend among prominent investors reflects a broader shift toward Bitcoin as a preferred store of value amid economic uncertainties. Additionally, reports indicate that many billionaires are increasingly concerned about not holding enough Bitcoin, with no comparable interest shown in other cryptocurrencies or NFTs.