TechFlow reports on July 15 that BlackRock CEO Larry Fink said in an interview that he used to be a skeptic of Bitcoin, but after research and study, he now believes Bitcoin is a legitimate financial instrument. He stated that Bitcoin is particularly useful when nations experience currency depreciation due to excessive deficits. Fink referred to Bitcoin as "digital gold."
Bloomberg senior ETF analyst Eric Balchunas commented on social media that Larry Fink's strong endorsement of Bitcoin as a legitimate asset class carries significant weight. With BlackRock managing $10.6 trillion in assets, Fink's validation—along with participation from other traditional firms like Fidelity—gives older-generation advisors confidence and reassurance in allocating Bitcoin within investment portfolios. Balchunas believes it would be foolish to underestimate the early success of these ETFs.
