Galaxy CEO Mike Novogratz recently took to the X social media network to highlight the significance of BlackRock's recent Bitcoin allocation recommendation, describing it as "massive." 

As reported by U.Today, the world's largest asset manager recommended a 1-2% weighting. 

The financial titan, which launched an uber-successful Bitcoin exchange-traded fund earlier this year, argued that the leading cryptocurrency could be a diverse source of risk in investor portfolios. 

Novogratz believes that BlackRock, which boasts $11.5 trillion worth of assets, now sees Bitcoin alongside such tech giants as Apple and Tesla. "Institutions are here," Novogratz said. 

Notably, BlackRock also predicted that Bitcoin gaining more institutional acceptance could significantly reduce its volatility, meaning that its gains will be more meager.  

However, some might have overestimated the significance of BlackRock's recent recommendation. ETF expert Nate Geraci has noted that it was meant for investors who wish to include Bitcoin in a multi-asset portfolio. Hence, it was not a blanket recommendation for all investors. Geraci added that BlackRock was also "very clear" about Bitcoin's volatility.   

Bitcoin is currently trading at $99,624 after surging to an intraday high of $102,528 earlier today. 

As reported by U.Today, Novogratz recently predicted that the price of the flagship cryptocurrency could skyrocket all the way to the $500,000 level if the US ends up establishing a strategic Bitcoin reserve. 

The cryptocurrency mogul also believes that Bitcoin could potentially end up surpassing gold over the next decade.