Larry Fink, CEO of BlackRock, Views Crypto as a “Flight to Safety” Asset
Larry Fink, the CEO of BlackRock, a $10 trillion investment management giant, recently expressed his belief that cryptocurrencies are a “flight to safety” asset class. He compared them to traditional safe-haven assets like gold and US Treasuries. Fink made these comments in an interview with Fox Business, where he dismissed the idea that Bitcoin’s recent rally was solely due to a false rumor about his fund’s spot ETF application being approved by regulators.
Fink stated that the rally is not solely based on the rumor but rather reflects a flight to quality amid ongoing geopolitical tensions. He believes that more people are turning to quality assets such as treasuries, gold, and cryptocurrencies. In fact, he sees crypto playing a role similar to that of a safe-haven asset.
This is not the first time Fink has shown support for cryptocurrencies. In June, he referred to Bitcoin as “digital gold” and an alternative to government-controlled currencies. Additionally, he mentioned that BlackRock’s proposed spot Bitcoin ETF could democratize crypto investing by making it accessible to all.
The approval of the ETF is expected to bring in significant capital and have a positive impact on Bitcoin’s price. Just the rumor of the fund’s approval on Monday caused a surge in the asset’s value, nearly pushing it back up to $30,000.
It is worth noting that Fink had previously criticized Bitcoin in 2017, referring to it as an index of global money laundering.
Hot Take: Larry Fink Believes Crypto Is Becoming a Safe-Haven Asset
Larry Fink, CEO of BlackRock, one of the largest investment management companies globally, has voiced his opinion on cryptocurrencies. Fink sees crypto as a “flight to safety” asset class, comparable to traditional safe-haven assets like gold and US Treasuries. In an interview with Fox Business, he dismissed the notion that Bitcoin’s recent rally was solely based on a rumor about his fund’s ETF application. Instead, Fink believes that the rally reflects a flight to quality amid ongoing geopolitical tensions.
Fink’s positive view of cryptocurrencies is not new. He previously referred to Bitcoin as “digital gold” and suggested that BlackRock’s proposed spot Bitcoin ETF could democratize crypto investing by making it accessible to all. The anticipated approval of the ETF is expected to attract significant capital and have a positive impact on Bitcoin’s price.
While Fink had been critical of Bitcoin in the past, calling it an index of global money laundering, his recent statements indicate a shift in perspective towards recognizing the potential value and role of cryptocurrencies as safe-haven assets.
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