Morning Minute | Larry Fink Calls for $700,000 Bitcoin
TylerD's Market Summary
📈 Larry Fink Outlines Case for $700k Bitcoin
The first Crypto President is now in the White House.
And the bankers are starting to push Bitcoin - and hard.
What Happened?
Speaking at the World Economic Forum in Davos, BlackRock CEO Larry Fink discussed Bitcoin’s potential, suggesting its price could surge to $700,000 with continued global adoption.
Fink shared insights alongside Peng Xiao, CEO of AI company G42, framing Bitcoin as a hedge against inflation and global instability.
He also revealed discussions with sovereign wealth funds considering Bitcoin allocations of 2-5%, as those types of allocations are what could drive Bitcoin to these high 6-figure levels.
Also notable from the discussion, Peng Xiao called crypto "the currency of AI" and went on to say how soon everyone will have AI agents doing financial transactions for them, and that the traditional finance system won't be capable of handling it as well as blockchains.
What Are They Saying
- Fink described Bitcoin as a “currency of fear,” going on to say “But that’s OK. If you’re frightened of the debasement of your currency, or the economic or political stability of your country, you can have an international-based instrument called Bitcoin that can overcome those local fears."
- He highlighted Bitcoin’s growing role in institutional investment, citing its appeal to sovereign wealth funds and its status as a hedge against traditional financial risks.
- Commenting on a 2% to 5% standard portfolio allocation, he said "If everybody adopted that conversation,” he said, “it would be $500,000, $600,000, $700,000 for Bitcoin.”
Why It Matters
Retail isn't listening to CT.
They probably aren't listening much to Michael Saylor.
But when Larry Fink starts talking, more people listen.
Fink’s endorsement, coupled with BlackRock’s success in Bitcoin ETFs, is a huge signal for the growing legitimacy of Bitcoin as a mainstream financial instrument.
And putting a strategic reserve aside, one of the primary bull cases for Bitcoin's continued growth from its $100k level is the 2-5% portfolio allocation and infinite 401k TWAP.
That type of allocation feels like it could very well happen, and maybe soon.
It''s bullish for Bitcoin, and the broader crypto space.
🚚 What is happening in NFTs?
Here is the list of other notable headlines from the day in NFTs:
- ETH NFT leaders were mostly green; Punks +5% at 40 ETH, Pudgy +1% at 20.4, BAYC +12% at 14.9 ETH, Azuki -8% at 10.9 ETH
- Yuga CEO Garga teased rewards coming for BAYC an Otherdeed holders later this year, leading to speculation of a 2nd token (driving the BAYC pump)
- Kaito Genesis NFTs surged 30% to 8.2 ETH after the team announced its project Launchpad
- Binance announced Azuki's ANIME is coming to its Hodlers
- BTC NFT leaders were mostly red; Bitcoin Puppets -8%, NodeMonkes -9%, OMB -7%, Quantum Cats -12%
- The Runes leaders were very red; DOG -7% at $424M mc, PUPS -2% at $67M, BDC -20% at $33M
💰 Token, Airdrop & Protocol Tracker
Here's a rundown of major token, protocol and airdrop news from the day:
- The Azuki ANIME airdrop goes live today at 7 am ET, with the Azuki community, Hyperliquid stakers, Arbitrum and web3 anime partner communities set up to get allocations
- The JUP airdrop delivered $600M onchain yesterday, with the token holding up at XX
- Abstract released their ecosystem map, highlighting all of their launch apps and partners for mainnet expected soon
- Strike, the Kanpai Pandas media company, announced a $7.6M raise ahead of an expected token launch
🤖 AI x Crypto
New section dedicated to headlines in the AI sector of crypto:
- Overall market cap fell 16% to $14.3B
- Most leaders down 15-20%: VIRTUAL (-14%), ai16z (-24%), FARTCOIN (-19%), AIXBT (-17%), ARC (-19%) and GRIFFAIN (-3%)
- Top movers include DogeAI (+75%), DAIGE (+26%), MOBY (+20%), and GOAT (+19%)
- AIXBT reclaimed the top spot in mindshare; MOBY saw a massive jump in mindshare as it competes with AIXBT wrt to live crypto analysis, making calls, etc.
- FARTCOIN fell after Truth Terminal dev Andy Ayrey announced he sold 80% of Truth's 25M FARTCOIN tokens OTC
- Peng Xiao, CEO of G42, said that "I truly believe crypto is the currency of AI" in a panel with Larry Fink at WEF
- Kraken is listing FARTCOIN, AI16Z & GRIFFAIN for spot trading today at 10 am ET
- Solana Hackathon winner The Hive (BUZZ token) released a new charting tool, updated token data UI and enhanced search API for its "ChatGPT but for Crypto" product
- The ANON team released its tokenomics and utility overview, including staking, token-gating functionality and more
- ElizaOS teased that NFT agent swarms are coming to life
🌎 Macro Crypto and Web3
A few other Crypto and Web3 headlines that caught my eye:
- Crypto majors are red this morning; BTC -4% at $101,700, ETH -4% at $3,200, SOL -5% at $243, XRP -6% at $3.07
- BlackRock CEO Larry Fink said Bitcoin's bullish adoption could drive it to $700k in a panel at WEF
- Etherealize launched as a startup aimed at "institutional marketing and product arm" for Ethereum, backed by Vitalik and founded by former UBS bond traer Vivek Raman
- Solana became the first chain in history to hit $200B in monthly DEX volume; Solana stablecoin supply hit a new ATH over $10B on Wednesday
- Bitwise filed for a Dogecoin ETF and Bloomberg predicted Solana and XRP Futures ETFs coming by March
- Memecoin majors are mostly red; DOGE -6%, SHIBA -4%, TRUMP -15%, PEPE -7%, PENGU +2%, BONK -6%, FARTCOIN -15%
- The founder of Vine dropped a VINE token last night, which soared from 0 to $270M overnight on $690M volume
- New meme YAPSTER soared 5x to $40M yesterday as the new meme platform on Solana gains steam
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