The man once skeptical of Bitcoin is now one of its most vocal supporters. Larry Fink, CEO of BlackRock, the world’s largest asset manager with $12 trillion under management, has publicly reversed his long-held stance on the cryptocurrency, describing it as a legitimate store of value comparable to gold.
In an interview with 60 Minutes, Fink said Bitcoin has earned its place as an “alternative asset” that can protect investors from the erosion of fiat currency. Despite the market’s recent volatility, he argued that Bitcoin’s long-term function as a hedge and portfolio diversifier has become increasingly clear.
From Skeptic to Supporter
Fink admitted that his early criticism of Bitcoin was misplaced. “I once said it was for money launderers and thieves,” he said. “But markets have a way of teaching you to challenge your assumptions.”
He now views Bitcoin as part of a broader shift in how investors think about wealth preservation in an era of monetary uncertainty. “Just as gold has always had a role, Bitcoin has a role too,” he explained. “It’s an alternative. I wouldn’t make it a dominant part of any portfolio, but it’s a valid asset for those looking to diversify.”
Bitcoin’s Role in Modern Portfolios
The BlackRock chief noted that digital assets have evolved far beyond the speculative phase. Institutional participation, regulatory progress, and technological maturity have all helped Bitcoin gain credibility as a long-term investment instrument.
Fink said he sees Bitcoin not as a threat to traditional markets but as a complement to them — an asset that provides balance when equities and bonds underperform. “It’s not an evil asset,” he added. “It’s part of a new, more diversified financial ecosystem.”
BlackRock’s Changing Tone
The comments mark a significant shift from Fink’s earlier skepticism. Over the last year, BlackRock has become one of the key institutional players pushing for regulated Bitcoin exposure, with its spot Bitcoin ETF application igniting a wave of mainstream acceptance.
Fink’s latest remarks underscore how far Bitcoin’s perception has come within the halls of global finance — from a fringe experiment to a recognized store of value. For an asset once dismissed by Wall Street, being compared to gold by the CEO of BlackRock may be the most powerful validation yet.
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