- BlackRock CEO Larry Fink has revised his position on Bitcoin, now viewing crypto as a viable alternative asset.
- BlackRock manages multiple crypto-related ETFs, including the iShares Bitcoin Trust, which holds over $93.9 billion.
- Fink urges caution, advising investors not to make crypto a large part of their portfolios.
- Many major asset managers have integrated Bitcoin into some investment strategies, driven by growing investor demand.
- Some financial firms remain hesitant, warning of risks and calling Bitcoin an asset with no intrinsic value.
BlackRock CEO Larry Fink recently acknowledged a shift in his outlook on Bitcoin, stating during a CBS interview on Sunday that he no longer views the cryptocurrency only as a tool for illegal activities. Fink indicated that changing market trends and investor interest have influenced BlackRock to support crypto investment vehicles.
The asset management giant currently administers several crypto-linked ETFs, among them the iShares Bitcoin Trust ETF, which has more than $93.9 billion in assets under management. This fund became the largest U.S. crypto ETF following its launch after approval from the Securities and Exchange Commission in 2024.
Fink stated, “There is a role for crypto in the same way there is a role for Gold, that is, it’s an alternative,” but also cautioned that “it should not be a large component of your portfolio.” He referred to his previous comments from 2017, where he said Bitcoin was the “domain of money launderers and thieves,” and noted, “the markets teach you, you have to always relook at your assumptions.”
The stance of BlackRock reflects a wider shift among financial institutions. While some industry leaders once dismissed Bitcoin and other digital assets, several, including BlackRock and Fidelity, now incorporate Bitcoin as part of strategic asset allocations. Corporations such as Tesla and Metaplanet have also added Bitcoin to their business plans as a hedge against inflation.
However, not all firms share this sentiment. British investment platform Hargreaves Lansdown warned clients last week that Bitcoin has “no intrinsic value” and advised against relying on crypto for financial goals. Despite this, they still permit qualified clients to access new crypto exchange-traded notes, as demand from investors continues.
As of Monday, Bitcoin was trading above $115,000, up 3.6% in the previous 24 hours, following a recent drop that prompted significant market liquidations, according to CoinGecko.
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