Bitcoin
BlackRock CEO: Bitcoin is ‘digital gold’
BlackRock Chairman and CEO Larry Fink said he believes Bitcoin is a “legitimate financial asset class” for those seeking financial control outside of traditional systems.
Once a skeptic, Fink now sees Bitcoin (BTC) as a legitimate asset class.
“As you know, I was a skeptic. I was a proud skeptic,” Fink said. CNBC. “I studied it, I learned about it, and I came away saying, ‘Okay, my opinion from five years ago was wrong.’”
Fink highlighted Bitcoin’s potential for uncorrelated returns and its role as a hedge against currency devaluation and geopolitical instability.
“I see this as digital gold, as I said before, and I think there’s a real need for everyone to see this as an alternative, I would say, to the optimism that I have in the world,” Fink said.
Uncertainty
Fink acknowledged Bitcoin’s industrial uses and appeal in uncertain times, signaling a shift in institutional perspectives on cryptocurrency. He noted that many people invest in the currency out of fear and a lack of trust in their country’s institutions.
“I see it as a vehicle in which you’re expressing your financial acumen into something that you’re most afraid of in the world. You’re most afraid of your existence,” Fink said.
On July 6, BlackRock CEO he said He hopes to democratize Bitcoin and other cryptocurrencies, making them more accessible and affordable for investors.
In March, Black stone took a step towards mainstreaming Bitcoin by filing with the SEC to include Bitcoin ETFs in its Global Allocation Fund. According to the filing, the fund was planning to buy shares in exchange-traded products (ETPs).