Larry Fink, CEO of BlackRock, describes Bitcoin as “digital gold” and admits his change of opinion after a period of thorough study.
On July 15, during an interview with CNBC, Larry Fink, CEO of BlackRock, acknowledged that he had changed his opinion on Bitcoin.
Fink admitted to having been wrong about Bitcoin, previously calling it an “index of money laundering.” He stated that he changed his opinion after a period of study and thorough analysis.
Recognizing it as “digital gold,” Fink declared:
“It is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns. I believe it is an instrument that you invest in when you’re more frightened, though. It is an instrument when you believe countries are debasing their currency by excess deficits, and some countries are.”
He also highlighted Bitcoin’s potential to provide financial control to individuals living in countries with oppressive and authoritarian governments, adding:
“I believe there are countries where you fear for your day-to-day existence and have the opportunity to invest in something that is beyond your country’s control.”
BlackRock, the world’s largest asset management firm, currently oversees assets valued at $10.6 trillion and holds the largest spot ETF on Bitcoin, the iShares Bitcoin Trust (IBIT). Last May, IBIT surpassed the Grayscale Bitcoin Trust (GBTC) to become the largest Bitcoin investment fund, with capital inflows exceeding $18 billion.
In response to Fink’s statements, Michael Dell, CEO and founder of Dell Technologies Inc., posted the video of BlackRock’s CEO, commenting:
Last June, the founder of Dell indicated a possible interest in Bitcoin through a series of interactions on X.
Large inflows for ETFs
According to the latest data from Farside, the past week has seen significant capital inflows into spot Bitcoin ETFs. Total weekly investments have exceeded $1.35 billion, marking one of the best weeks of the year for inflows.
