BlackRock Chairman Larry Fink Endorses Bitcoin as a ‘Legitimate Financial Asset Class’
BlackRock chairman and CEO Larry Fink now believes Bitcoin offers financial control outside traditional systems, describing it as a ‘legitimate financial asset class.’
BlackRock chairman and CEO Larry Fink said that he believes Bitcoin is a ‘legitimate financial asset class’ for those seeking financial control outside traditional systems.
Once a skeptic, Fink now views Bitcoin (BTC) as a legitimate asset class.
“As you know, I was a skeptic. I was a proud skeptic,” Fink told CNBC. “I studied it, learned about it, and I came away saying, ‘Okay, my opinion five years ago was wrong.’”
Fink highlighted Bitcoin’s capacity for uncorrelated returns and its role as a hedge against currency debasement and geopolitical instability.
“I look at it as digital gold, as I said before, and I do believe there’s a real need for everyone to look at it as an alternative to, I would say, the optimism that I have in the world,” Fink said.
Uncertainty
Fink acknowledged Bitcoin’s industrial uses and appeal in uncertain times, signaling a shift in institutional perspectives on cryptocurrency. He highlighted that many people invest in the currency out of fear and a lack of trust in their country’s institutions.
“I look at it as a vehicle in which you’re expressing your financial acumen in something that you’re more frightened of the world. You’re more frightened of your existence,” Fink said.
On July 6, the BlackRock CEO expressed a desire to democratize Bitcoin and other cryptocurrencies, making them more accessible and affordable for investors.
In March, BlackRock took a step towards incorporating Bitcoin by filing with the SEC to include Bitcoin ETFs in its Global Allocation Fund. According to the filing, the fund planned on purchasing shares in exchange-traded products (ETPs).
