BlackRock CEO Larry Fink Flips Bullish on Bitcoin, Compares It to Digital Gold

BlackRock CEO Larry Fink, who since 2017 referred to Bitcoin (BTC) as a speculative asset and a vehicle for money laundering, has consistently supported BTC over the past year

BlackRock CEO Larry Fink has undergone a remarkable transformation in his views on Bitcoin (BTC) over the past five years, evolving from dismissing it as a speculative asset used for money laundering to recognizing its potential as a major player in the financial world.

In a recent interview with CNBC's Squawk Box, Fink shared his evolving perspective on Bitcoin, stating that he now believes it to be a legitimate financial instrument. He highlighted that while there may be instances of misuse, similar to any other asset, Bitcoin offers a unique type of returns that are not correlated to other assets, making it a valuable addition to portfolios during times of economic uncertainty.

Fink's Latest Comments on Bitcoin, BlackRock’s Assets Surpass $10.6 Trillion

During the interview, Fink also discussed BlackRock's launch of a Bitcoin ETF in January and the significance of Bitcoin in portfolios. He compared it to digital gold, emphasizing its industrial use, which is often overlooked by investors.

Fink's latest comments on Bitcoin echo his previous bullish statements, where he drew parallels between Bitcoin and gold, noting that both serve as a hedge against inflation and currency devaluation.

Fink pointed out over a year ago that Bitcoin has the upper hand as a limited supply sets a ceiling on its total creation. He also stated that BlackRock's goal with their spot Bitcoin ETF is to provide a wealth storage instrument, connecting BTC to gold.

However, Fink's interest in Bitcoin goes beyond gold comparisons, as he sees the long-term potential of Bitcoin as a major factor.

Fink's belief in BTC stems from its ability to digitize gold and offer an alternative to traditional currencies. He argues that Bitcoin is not tied to any specific currency, making it an international asset that can protect wealth against inflation and economic uncertainties.

In related news, BlackRock recently achieved a milestone, with assets under management reaching a staggering $10.6 trillion in the first semester of the year.

As reported by Bloomberg, the asset manager saw significant inflows, with clients adding $51 billion to its long-term mutual funds in the second quarter of the year. This highlights the growing interest in BlackRock's offerings, including its spot BTC ETF, which has secured the top position in terms of inflows in the newly approved market since its launch.

At the time of writing, BTC is trading at $63,000, up over 5% in the past 24 hours and over 12% in the past seven days.

Featured image from the WSJ, chart from TradingView.com

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