2024 has been a big year for cryptocurrencies. Bitcoin saw the first crypto-based ETF in the US. It also attracted a huge amount of institutional investment that led the asset to reach an all-time high of $73,000 in March.
Fink referred to BTC as a “legitimate financial instrument” that has value.
With the asset manager as the source of one of the Bitcoin Spot ETFBlackRock CEO, Larry Fink, called BTC digital gold. In an interview with CNBC, the Wall Street Guru spoke about the leading cryptocurrency, stating that crypto is “absolutely” something people should invest in for the long term.
Fink was a well-known skeptic, often criticizing the potential of the crypto market as a whole. That certainly changed this year. In March, Fink said he was “very optimistic about the long-term viability” of BTC. That seems to have been further bolstered by the firm’s success with its Bitcoin ETF, which debuted in January.
2024 has been a big year for cryptocurrencies. Bitcoin saw the first crypto-based ETF in the US. It also attracted a huge amount of institutional investment that led the asset to reach an all-time high of $73,000 in March.
Larry Fink’s change of heart
Now, BlackRock CEO Larry Fink has called Bitcoin ‘digital gold’ as he reaffirms his belief in the token. Speaking to Jim Cramer, Fink discussed his shift in perspective and how he came to understand the importance of this asset class.
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“As you know, I was a skeptic, I was a proud skeptic,” Fink said. “I studied it, I learned about it, and I came to the conclusion that, ‘Well, my opinion from five years ago was wrong.’” Fink then said he believes Bitcoin has proven to be “legitimate” and called the token an opportunity.
Fink referred to BTC as a “legitimate financial instrument” that has value. The BlackRock CEO said the asset is an opportunity for those “scared by their daily existence,” while Bitcoin is a chance to invest in something “outside of your country’s control.”
The firm’s boss spoke of the asset as an instrument of financial control. “I’m a big believer that there is a role for Bitcoin in portfolios. I think we’ll see it as one of the assets that we all consider.” Finally, Fink said he sees Bitcoin as “digital gold” and a powerful financial safeguard.
Source: Ambito
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