BlackRock co-founder and CEO Larry Fink admitted in an interview with CNBC today that his views on Bitcoin have changed significantly in the past few years.
Larry Fink said on CNBC:
"I was a proud skeptic, and I studied it, learned about it, and ultimately concluded, well, you know, my view for the past five years was wrong."
BlackRock Group’s Bitcoin spot ETF-IBIT has achieved great success since its launch and has now become the largest Bitcoin spot ETF in the market by market value. Larry Fink further stated that although Bitcoin may be abused, this does not deny its essence as a legal and effective tool.
Larry Fink describes Bitcoin as an investment vehicle during times of heightened market panic. He pointed out that if countries are believed to be experiencing excessive fiscal deficits leading to currency devaluation, Bitcoin can provide greater financial control by becoming an investment vehicle beyond the control of any single country.
Eric Balchunas, senior ETF analyst at Bloomberg, believes that it is extremely important for the industry that BlackRock CEO fully supports Bitcoin becoming a legitimate asset class in daily investment portfolios. Eric Balchunas said:
“The support from BlackRock and other traditional firms like Fidelity provides comfort and security for baby boomer advisors to allocate capital. That’s why it would be foolish to oppose these ETFs or downplay their apparent early success. of."
Eric Balchunas said he believes Larry Fink is a powerful advocate because he focuses on stocks and bonds and can convey a Bitcoin investment view that is approachable enough to the $30 trillion financial advisors and baby boomers.
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