Major financial institutions are increasingly changing their tune on crypto assets and embracing the new technology. BlackRock, one of the world's largest asset management firms, has recently shown a significant shift in its stance towards Bitcoin.
Major financial institutions are increasingly changing their tune on crypto assets and embracing the new technology.
BlackRock, one of the world's largest asset management firms, has recently shown a significant shift in its stance towards Bitcoin.
Specifically, the company's CEO, Larry Fink, once a skeptic, now views Bitcoin as a legitimate financial asset class. What is more, Fink acknowledged he was wrong and compared Bitcoin to digital gold.
“As you know, I was a skeptic. I was a proud skeptic,” Fink stated. “I studied it, learned about it, and I came away saying, ‘Okay, my opinion five years ago was wrong.’”
Fink also explained that he now considers Bitcoin a legitimate asset class akin to digital gold. He emphasized its potential for uncorrelated returns, as Bitcoin does not always rise and fall with other assets like stocks. This makes it advantageous for those who are looking for diversification.
According to Fink, another factor that makes Bitcoin attractive is its role as a hedge against currency debasement and geopolitical instability. In this sense, Bitcoin functions similarly to gold, rising when monetary and political stability are high.
Fink's reversal on Bitcoin did not leave his company unaffected. In 2024, BlackRock has intensified its efforts in crypto and digital assets.
In March 2024, BlackRock unveiled its first tokenized Ethereum network fund; BlackRock USD Institutional Digital Liquidity Fund (BUIDL). This fund aims to leverage asset tokenization, which brings traditional assets to the blockchain.
The significance of BlackRock's involvement in crypto is that other major players are following suit. Investment giants such as Fidelity have launched their own investment products, and the largest US bank, JPMorgan, disclosed significant Bitcoin ETF investments.
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