It has been six months since the United States SEC approved BlackRock’s iShares Bitcoin Trust IBIT. Once a critic, Larry Fink, the CEO of Blackrock, is now a Bitcoin believer. In an interview with CNBC, Fink discussed Bitcoin and said the leading crypto is “absolutely” something people should make a long-term investment in.
Larry Fink is now a Bitcoin believer
The CNBC interview shows Larry’s changing perspective on Bitcoin. The trading mogul now describes BTC as ‘digital gold, ‘ highlighting a market shift as the dollar weakens.
Fink says, “As you know, I was a skeptic, I was a proud skeptic […] I studied it, learned about it, and I came away saying, ‘Okay, my opinion five years ago was wrong […] I believe bitcoin is legitimate. I’m not saying there aren’t misuses like everything else, but it is a legitimate financial instrument that allows you to have uncorrelated returns.”
According to the BlackRock CEO, BTC serves as a hedge against inflation as many countries’ currencies fail. He adds, “I believe there are countries where you are frightened of everyday existence, and [given] an opportunity to invest in something outside your country’s control, then you can have more financial control […], so I believe there is a major role for Bitcoin in portfolios.”
Long-time crypto believers like MicroStrategy’s Michael Saylor have taken to X to celebrate Fink’s change of perspective. He says, “Larry Fink believes in Bitcoin.” He believes that most industrial investors are missing out on Bitcoin’s magic.
Today, Bitcoin has surged to heights seen at the start of June. This comes after Donald J. Trump, a pro-Bitcoin presidential candidate, survived an assassination attempt over the weekend in Butler County, Pennsylvania.
At the time of this writing, Bitcoin has stabilized above $63K and is currently trading at $63,004, a 5.0% spike in the last 24 hours. In addition, crypto’s Fear and Greed Index has gone up to 52 (a neutral stance) after dropping to 25 (extreme fear) last week.
