Larry Fink, CEO of BlackRock, the world’s largest asset management company managing $12 trillion, made important statements about Bitcoin (BTC).
Larry Fink, who has long stated that Bitcoin is not a legitimate asset, is now speaking highly of BTC.
Speaking to 60 Minutes, BlackRock CEO stated that Bitcoin is an important hedge against fiat currency devaluation and plays the same role as gold.
Despite the recent crash in the cryptocurrency market, Fink called Bitcoin a legitimate alternative asset like gold, saying it is useful for diversifying investment portfolios.
Fink stated that Bitcoin and other cryptocurrencies have seen tremendous growth and are now seen as true alternative investments.
At this point, the BlackRock CEO said that Bitcoin is not an evil asset, stating that its role is the same as gold.
“Just as gold has a role, Bitcoin has a role. BTC is also an alternative.
Markets teach you that you should always re-examine your assumptions and thinking.
I don’t believe it should be a large component of your portfolio, but it’s never a bad asset for those looking to diversify.”
Larry Fink, admitting he was wrong about Bitcoin, said, “I said Bitcoin was for money launderers and thieves. But the market teaches you to always rethink your assumptions.”
The BlakRock CEO has previously stated that he believes in the utility of Bitcoin as a financial instrument, highlighting its potential to provide a hedge against traditional assets such as securities or stocks.
The famous CEO also added that he sees Bitcoin as an alternative to commodities such as gold.
*This is not investment advice.