Larry Fink, CEO of BlackRock, who was once skeptical of Bitcoin, now admits that Bitcoin can be considered a legitimate financial instrument. In an interview with CNBC on July 15, 2024, Fink called Bitcoin “digital gold” and a hedge against economic instability.
Larry Fink's New Look:
Fink previously called Bitcoin a “money laundering index” and reflected its speculative nature.
Today, he believes Bitcoin should be part of every investor's portfolio because of its potential to provide uncorrelated returns and financial control.
Bitcoin as an Expression of Financial Intelligence:
Bitcoin is considered a relevant instrument when the value of a country's currency plummets due to excessive deficits.
The spot Bitcoin ETF product, iShares Bitcoin Trust (IBIT), manages more than US$18 billion.
BlackRock now manages more than 314,000 Bitcoin through its Bitcoin ETF, making it one of the largest publicly traded Bitcoin holdings.
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