Bitcoin's rally has stalled in recent months after its price skyrocketed into 2024 (although one Wall Street giant has quietly predicted it is on the verge of a run-up).

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Bitcoin price has fallen from an all-time high of over $70,000 per bitcoin in 2024, reached on a tidal wave of interest in BlackRock's spot Bitcoin exchange-traded fund (ETF) – with the issuance of an 11 trillion Dollar-heavy asset manager Larry Fink's “crazy” warning from the Federal Reserve last week.

Now, as MicroStrategy's Michael Saylor reveals his $100 trillion “end game,” Fink has laid out his plan for Bitcoin, Ethereum and crypto – predicting that the “digitization of the dollar” will be “under discussion.”

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“We believe Bitcoin is an asset class in itself, it's an alternative to other commodities like gold,” Fink said in the third quarter of BlackRock, which led Wall Street's push last year to launch a full-fledged spot Bitcoin ETF to bring US markets earnings call that predicts Bitcoin, Ethereum and crypto will be “overlaid” with artificial intelligence.

“I therefore think that the application of this form of investment will be expanded. Second, Ethereum's role as a blockchain may increase dramatically. So if we can create more adoption, more transparency, more analytics around these assets, then this will be expanded.”

Bitcoin and Ethereum helped BlackRock's assets under management reach $11 trillion for the first time in the third quarter via new crypto ETFs that provide exposure to crypto without having to deal with exchanges or risk self-custody. dollar mark. According to SoSoValue data, BlackRock's IBIT has seen $21.7 billion in net inflows since January, easily surpassing Fidelity's second-largest spot Bitcoin ETF with $10 billion in inflows.

“When big players like BlackRock and Fidelity launch Bitcoin ETFs and start selling this idea to their institutional and individual investors, I think that's very positive,” Anthony Scaramucci, the founder of hedge fund SkyBridge Capital, said in an interview with the investment platform Saxo – His Bitcoin price target is $170,000.

The arrival of a fleet of spot Bitcoin ETFs on Wall Street this year was the first step in what Fink called a digital “revolution” when he unveiled his crypto ambitions for BlackRock last year – which included a radical one new, blockchain-based alternative belongs to US dollars.

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ForbesMichael Saylor reveals $100 trillion MicroStrategy's shocking 'end game' as Bitcoin price suddenly skyrocketsFrom Billy Bambrough

“I firmly believe that we will see an expansion of the market for these digital assets,” said Fink, pointing to BlackRock’s experience with the mortgage market, which has grown with data and analytics – “And then we will see how Every single country is concerned.” considers their own digital currency to be a completely different asset than a Bitcoin per se. But I believe what we will experience as we develop better analytics.

Fink described the attempts in India and Brazil to digitize their currencies as a “great success”.

“How do we see the role of digitizing the dollar in (the US)? And what role does that play,” Fink asked. “That is a completely different question that relates to, for example, Bitcoin and similar things. But all of that will be up for discussion.”

The debate over a digital dollar, also known as a central bank digital currency (CBDC), became electrified in 2019 when Facebook (now Meta) announced that it was planning to launch a Bitcoin-inspired digital currency before it was shut down by regulators.

The possibility of a digital dollar, often compared to the digital yuan already widely adopted in China and used to monitor people's everyday transactions, has raised privacy concerns as well as questions about what impact it will have on commercial, deposit-based financial system.

Federal Reserve Chairman Jerome Powell said the Fed would not create a digital dollar without explicit authorization from Congress.