DeutschJust a few years ago, Larry Fink was one of Bitcoin’s toughest opponents. In the meantime, the CEO of asset manager BlackRock seems to have become a Bitcoin fan. According to his latest assessment, investors should diversify their portfolio with crypto. BTC plays the same role as gold.
Trade many different cryptocurrencies without a wallet with our CFD broker test winner Plus500 - 7 days a week.
Larry Fink Suddenly a Bitcoin Fan: this is What the BlackRock Boss is Saying Now
Larry Fink is suddenly a Bitcoin fan – this is according to a new interview with CBS. The US entrepreneur spoke to the editors of 60 Minutes about, among other things, Bitcoin.
Fink criticized the largest cryptocurrency for many years. To this day, his criticism from 2017 remains in many people’s memories. At that time, Fink described BTC as an “index of money laundering”.
Now the US American is revising his statement. His earlier assessment was wrong, he explained in the interview. He had reconsidered it and found it to be incorrect.
“I said that Bitcoin, because we were talking about Bitcoin at the time, was the domain of money launderers and thieves. But you know, the markets teach you that you have to constantly rethink your assumptions,” Fink explained.
In 2023, BlackRock made a significant change of course. At that time, the world’s largest asset manager saw the opportunity to place a Bitcoin spot ETF. The project was successful a few months later. In January 2024, the iShares Bitcoin Trust ETF came onto the market with other competing products.
As Managing Director of BlackRock, Fink is responsible for the asset manager’s approach. With the Bitcoin ETF, BlackRock triggered a significant trend in the market, which has continued to grow ever since. Institutional investors invested more money in crypto than ever before.
BlackRock CEO Convinced: BTC is Digital Gold
BlackRock’s Bitcoin ETF IBIT now manages around 93 billion US dollars. Parallel to the huge success of the investment product, Larry Fink apparently also adapted his opinion on Bitcoin. In the meantime, the 72-year-old is convinced of the digital investment. It is a valuable tool for diversification.
“A diversified portfolio is essential. We are not claiming that there is a one-size-fits-all solution. We are simply pointing out the possibility of using private market investments.”
Crypto is a useful part of diversification. However, Bitcoin and Co. should not take up a large part of the portfolio, Fink believes. He doesn’t seem to be a fan of aggressive investment strategies in the style of Michael Saylor.
Cryptocurrencies play a similar role to gold, namely that of an alternative. For those who want to diversify their portfolio, they are not a bad investment, but I don’t think they should make up a large part of your portfolio.”
However, Fink warns against careless spending. Investors should make sure that they acquire cryptos with an intrinsic value. Instead, they should stay away from manipulable money-making schemes like memecoins.
Fink is not alone in his assessment. Bitcoin has long been spread as “digital gold”. Because of its scarcity and its growing importance as an investment, BTC has been compared to precious metal for years.
Buy Bitcoin now!
