BlackRock CEO Reassesses Bitcoin After Years

BlackRock CEO Larry Fink has drawn attention by changing his views on Bitcoin (BTC). Fink assessed the cryptocurrency as an alternative asset like gold, while emphasizing that investors should proceed with caution. Noting that he previously regarded Bitcoin as a vehicle for money laundering, Fink has since retracted this view, stating that cryptocurrency could play an important role in portfolio diversification.

The world's largest asset management company, BlackRock, launched one of the first spot Bitcoin ETFs in 2024, and the iShares Bitcoin Trust (IBIT) fund has now grown to $93.9 billion, becoming BlackRock's most profitable ETF product. Fink mentioned that a significant portion of investor interest comes from individual investors, stating that half of the Bitcoin ETF demand comes from this group, of which 75% had never previously used an iShares product.

Fink's statements are seen as a reflection of the changing perspective of traditional financial institutions on cryptocurrencies in Wall Street. Having described Bitcoin as a vehicle for money laundering in 2017, Fink now accepts cryptocurrency as a potential alternative asset in the global economy. However, some financial institutions continue to maintain a cautious approach; for example, the UK-based investment platform Hargreaves Lansdown has characterized Bitcoin as a risky asset with no intrinsic value. Nevertheless, they continue to offer crypto-focused investment products in response to growing demand.

Experts believe that increasing geopolitical risks, currency devaluation, and global debt concerns are strengthening Bitcoin's position as digital gold. Larry Fink's words indicate that the cautious acceptance of cryptocurrency on Wall Street is increasingly transforming into strategic interest.