BlackRock CEO: Bitcoin is A Legitimate Financial Instrument

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Larry Fink, the cofounder and CEO of BlackRock, has changed his views on cryptocurrencies over the years.

In a recent interview with CNBC, Fink admitted that he was once a skeptic but has since studied and learned about cryptocurrencies, causing him to change his opinion.

BlackRock’s cryptocurrency investment arm, IBIT, has now become the largest spot Bitcoin exchange-traded fund by market cap.

This success has led Fink to reaffirm his belief that Bitcoin is similar to digital gold. Additionally, BlackRock’s digital asset class has reached a significant milestone with its BUIDL fund reaching a market value of over $500 million, making it the highest-valued tokenized treasury fund in the world according to its issuer, Securitize Markets.

While acknowledging that cryptocurrencies can be misused, Fink stated that they are a legitimate financial instrument that can offer uncorrelated returns. He also sees them as a reliable option for investment during times of heightened fear, as they are not controlled by any single country.