BlackRock CEO Larry Fink has expressed a strong belief in Bitcoin, suggesting that institutional demand could drive the cryptocurrency's price to as high as $700,000. Fink's comments reflect a shift in his perspective, moving from skepticism about Bitcoin's association with money laundering in 2017 to viewing it as a hedge against currency debasement and economic instability. BlackRock has reportedly increased its Bitcoin holdings to 572,330 BTC, representing a $59.87 billion position and 2.7% of the total Bitcoin supply. This accumulation by major financial institutions is seen as a signal of confidence in Bitcoin and could contribute to its scarcity and value increase. Discussions among sovereign wealth funds about potential allocations of 2%-5% to Bitcoin further underscore the growing institutional interest.