BlackRock's Larry Fink: Bitcoin is a "legitimate financial instrument"
The company's iShares Bitcoin Trust (IBIT) added approximately $4 billion in assets in the second quarter.
BlackRock (BLK) CEO Larry Fink reiterated his belief that Bitcoin (BTC) is an asset that everyone should consider holding as part of their portfolio.
“My opinion five years ago was wrong,” Fink said in an interview with CNBC. “I believe bitcoin is a legitimate financial instrument.”
Fink's appearance Monday morning came after BlackRock's second-quarter earnings results, which topped analyst estimates as assets under management rose 13% year over year to $10.6 trillion.
A minor contributor to the company's AUM figure is its iShares Bitcoin Trust (IBIT), which launched in January and has amassed more than $18 billion since then, including $4 billion in the second quarter.
Bitcoin, Fink continued, should be part of every investor's portfolio as it potentially allows for uncorrelated returns and provides financial control.
“It's an instrument you invest in when you're most scared,” Fink said.
“It is an instrument when it is believed that countries are devaluing their currency due to excessive deficits.”
“It is really necessary for everyone to consider it as a single alternative,” he concluded.
