BlackRock CEO praises Bitcoin as a global asset

by Jul 6, 2023CryptoNews0 comments

The CEO of BlackRock, the world’s largest asset manager, has expressed a positive view on Bitcoin, calling it a global asset that can appeal to different types of investors.

Larry Fink, who oversees more than $9 trillion in assets under management, said in an interview with CNBC on Wednesday that Bitcoin has the potential to evolve into a global market.

“Bitcoin is an international asset. It’s not a U.S. asset, it’s not a Chinese asset, it’s not a European asset. It’s owned by different people all over the world,” Fink said.

He added that Bitcoin could attract more institutional investors as well as younger generations who are more comfortable with digital assets.

“I do believe this could become a great asset class. And I do believe this could be part of the investment portfolio in the future,” he said.

Fink’s bullish remarks on Bitcoin contrast with his previous skepticism about the cryptocurrency. In 2017, he called Bitcoin “an index of money laundering” and said it was too volatile and speculative for mainstream investors.

However, he also acknowledged that Bitcoin had a social impact and that it reflected the dissatisfaction of many people with the current financial system.

BlackRock has been gradually warming up to Bitcoin and other cryptocurrencies in recent years. In January, the firm added Bitcoin futures as an eligible investment for two of its funds. In March, it revealed that it had started to “dabble” in Bitcoin.

BlackRock is not the only institutional player that has shown interest in Bitcoin. Other prominent firms such as MicroStrategy, Tesla, Square and PayPal have also invested in or adopted the cryptocurrency, boosting its price and adoption.

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