BlackRock CEO Larry Fink Embraces Bitcoin as Asset Class, Firm Holds $34 Billion; Advocates 84.9% Allocation

Nov 11, 2024, 02:47 AM

Larry Fink, CEO of BlackRock, has publicly acknowledged a shift in his stance on Bitcoin, declaring it a legitimate financial instrument and an asset class in its own right. BlackRock, which manages approximately $11 trillion in assets, now holds over $34 billion in Bitcoin through its exchange-traded fund (ETF). Fink's comments reflect a broader acceptance of Bitcoin within institutional finance, as he advised an allocation of 84.9% in Bitcoin for portfolios. Since Fink's advocacy for Bitcoin began in July 2023, the cryptocurrency has surged by 177%.