Reprinted from: Zhitong Finance Network

Larry Fink, CEO of BlackRock, the world's largest asset management firm, recently revealed a significant shift in his stance on Bitcoin (BTC-USD). Once a "proud skeptic," Fink now believes Bitcoin has a rightful place in investment portfolios, dubbing it "digital gold." His change of heart stems from concerns over the U.S. government's deficit and the potential of Bitcoin as a hedge against political uncertainty in the U.S.

During an interview, Fink admitted his earlier views on Bitcoin were mistaken, having evolved after thorough research and the approval of the Bitcoin spot ETF. At the time of his interview, Bitcoin was trading at a two-week high of over $64,000, influenced by former President Trump's strong support for the cryptocurrency sector.

Trump's advocacy for cryptocurrencies has been evident throughout his campaign, including speaking at a Bitcoin conference and accepting crypto donations. His stance has positively influenced Bitcoin's market performance, with notable investment inflows into Bitcoin and gold following political events.

Fink emphasized Bitcoin as a legitimate financial instrument offering low-risk returns, especially valuable during economic uncertainties. BlackRock's successful launch of the Bitcoin Trust ETF has attracted significant investment, further solidifying Bitcoin's role in modern portfolios. Fink's current view contrasts sharply with his 2017 description of Bitcoin as a "money laundering index," showcasing his evolving perspective on its potential.

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