BlackRock CEO Larry Fink is once again voicing confidence in Bitcoin, framing the asset as a long-term store of value rather than a true currency.
Speaking in an interview with Citi, Fink said Bitcoin carries “legitimacy” through its underlying blockchain technology but compared it to gold rather than money used for everyday transactions.
Bitcoin as a Hedge, Not a Currency
Fink argued that Bitcoin is often bought in times of fear, whether from concerns over currency debasement or national security. In his view, that demand dynamic makes it a “currency of fear,” one that protects wealth rather than circulates like cash.
His comments fit with BlackRock’s broader approach. The firm’s investment philosophy is rooted in long-term positioning, and Fink suggested Bitcoin has earned its place in that framework.
ETF Demand Fuels Bitcoin’s Rise
BlackRock has played a central role in driving institutional adoption. Its spot Bitcoin ETF, IBIT, has become one of the most popular vehicles for exposure to BTC, helping push flows into crypto investment products to record levels. In fact, IBIT recently surpassed Coinbase as the largest single Bitcoin holder.
Bitcoin reached a record $124,128 on Aug. 14 but has since slipped back to around $111,000. The decline follows heavy liquidations and fits a broader pattern: September has historically been a tough month for the asset.
Macro Factors in Play
Still, optimism lingers. If the Federal Reserve follows through with an expected rate cut in September, risk assets could rebound sharply, with Bitcoin well positioned to benefit. For now, the market is consolidating after an extraordinary run, while the world’s largest asset manager continues to frame BTC as a long-term bet — digital gold for the modern era.
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Alex is an experienced financial journalist and cryptocurrency enthusiast. With over 8 years of experience covering the crypto, blockchain, and fintech industries, he is well-versed in the complex and ever-evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His approach allows him to break down complex ideas into accessible and in-depth content. Follow his publications to stay up to date with the most important trends and topics.
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