With the asset manager issuing a Spot BTC ETF this year, BlackRock CEO Larry Fink has called Bitcoin digital gold. Speaking with CNBC, Fink discussed the leading cryptocurrency, while saying the crypto is “absolutely,” something people should invest in for the long term.
Fink was a well-known skeptic, often speaking out against the potential of the crypto market as a whole. That certainly changed this year. In March, Fink said he was “very bullish on the long-term viability,” of BTC. Moreover, that has seemingly been reinforced by the firm’s success with its Bitcoin ETF which debuted in January.
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BlackRock’s Fink Calls Bitcoin ‘Digital Gold’
2024 has certainly been hugely important for crypto. The year saw Bitcoin get the first crypto-based ETF in the United States. Moreover, it attracted a wealth of institutional investment that saw the asset skyrocket to a $73,000 all-time high in March.
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 shifting perspective, and how he came around to the importance of the asset class.
“As you know, I was a skeptic,I was a proud skeptic,” Fink said. “I studied it, learned about it, and I came away saying, ‘Okay, my opinion five years ago was wrong.” Fink then said that he believes Bitcoin has proven it is “legitimate” while calling the token an opportunity.
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Fink referred to BTC as a “legitimate financial instrument” that has value. The BlackRock CEO said the asset is an opportunity for those “frightened of your everyday existence,” while Bitcoin is an opportunity to invest in something “outside of your country’s control.”
The firm’s head spoke on the asset as an instrument of financial control. “I’m a major believer that there is a role for Bitcoin in portfolios. I believe you’re gonna see that as one of the assets that we all look at.” Finally, Fink said he looks at Bitcoin as “digital gold,” and a powerful financial hedge.