After Larry Fink, CEO of the world’s largest asset manager BlackRock, was skeptical about Bitcoin & Co. for a long time, he now came out as a “big supporter”. Bitcoin is like “digital gold” and “bigger than any government.”
• BlackRock CEO Larry Fink has shed skepticism about cryptos
• Attractive alternative asset storage
• Fink: “Bitcoin is bigger than any government”
Larry Fink, CEO of the world’s largest asset manager BlackRock, recently commented on Bitcoin and cryptocurrencies in general in interviews with CNBC and Fox Business. The financial expert identified himself as “a big supporter” of Bitcoin.
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From skeptic to Bitcoin fan
Until about three years ago, Fink was still skeptical about Bitcoin, a “naysayer,” as he said of himself in an interview. But then his attitude changed: “About two years ago I changed my mind and […] Over the last few years I have become a big fan. I believe in it because I really think it’s an alternative source of wealth storage.” Bitcoin will never be a currency, Fink predicted in the interview, but in his opinion Bitcoin definitely represents an asset class.
Fink: Bitcoin is “bigger than any government”
“If you are in a country where you fear for your future, are afraid of your government, or are worried that your government will devalue your currency by running excessive deficits, you can say this is a great long-term store of value. Like I said it’s like digital gold,” Fink emphasized. And further: “It is an international ledger that crosses borders. It is bigger than any government.”
Will Bitcoin continue to rise?
Fink also made a prediction about further potential price developments: “I think it will rise the more the world is scared. When people are afraid of geopolitical risks, they are afraid of their own risk… And in contrast to gold, where “As we create new gold, we are almost approaching the upper limit of most of the amount of Bitcoin that could be created.” According to the financial expert, the price is likely to rise, but he did not want to give an exact value. “I haven’t thought about that yet,” was his answer when asked whether he saw Bitcoin at similar levels to ARK Invest CEO Cathie Wood, who believes a Bitcoin price of $600,000 is quite realistic.
Following the recent approval of spot Bitcoin ETFs in the US – BlackRock also has a corresponding product on offer – the largest cryptocurrency by market capitalization fell below the $42,000 mark. According to CoinMarketCap, Bitcoin is currently at around $39,100 (as of January 23, 2024). Shortly after the start of US trading on the day of approval, the coin climbed to around $49,000, reaching its highest level since December 2021. It remains to be seen how Bitcoin ETFs will impact the price of the most popular cryptocurrency in the long term. However, according to Fink, it is almost certain that Bitcoin will continue to play a relevant role in the future.
Editorial team finanzen.net
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