• BlackRock CEO Larry Fink endorses Bitcoin as a legitimate financial instrument.

  • Fink’s endorsement marks a significant shift from his earlier skepticism towards cryptocurrencies.

  • BlackRock’s Bitcoin ETF sees a $117M inflow following Fink’s bullish statement.

In a Monday interview with CNBC, Larry Fink, CEO of BlackRock, strongly endorsed Bitcoin, calling it a “legitimate financial instrument.” This statement marked a notable shift from Fink’s earlier skepticism towards cryptocurrencies.

During the interview, Fink detailed his journey from crypto skeptic to Bitcoin proponent. He acknowledged that his views from five years ago were misguided and emphasized how his extensive study of Bitcoin led him to recognize its potential.

“I believe Bitcoin is legitimate. I’m not saying there aren’t misuses, like with everything else, but it is a legitimate financial instrument that offers potentially uncorrelated returns,” Fink stated.

This bullish statement drew the attention of other tech industry leaders, including Michael Dell, the CEO of Dell Technologies, who described it as “fascinating.”

Fascinating #Bitcoin pic.twitter.com/LYzl423eBm

— Michael Dell (@MichaelDell) July 15, 2024

Fink elaborated on the role of Bitcoin in investment portfolios, particularly as a hedge against economic uncertainties and currency debasement. He noted that Bitcoin offers an alternative for those concerned about their financial security due to their country’s economic policies.

“I believe Bitcoin provides an opportunity for those who are concerned about their everyday existence and want something outside their country’s control. It offers more financial control,” Fink explained.

Calling Bitcoin “digital gold,” Fink stressed the significance of considering Bitcoin as part of a diversified investment strategy. He noted that while Bitcoin might not be an instrument for hope in the traditional sense, it is a valuable asset for demonstrating financial acumen in uncertain times.

Notably, Fink’s updated view about Bitcoin is evident in the fact that his company, BlackRock, the world’s largest asset management firm, now offers an exchange-traded fund that invests in Bitcoin. BlackRock’s IBIT continues to lead the charge in the Bitcoin spot ETF market, having registered a significant inflow of $117 million on Monday.

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