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BlackRock CEO Larry Fink Endorses Bitcoin as Legitimate Financial Instrument and Digital Gold at $63K

Jul 15, 2024, 03:50 PM

Larry Fink, CEO of BlackRock, has publicly endorsed Bitcoin, describing it as a legitimate financial instrument and digital gold. Fink, who oversees $10 trillion in assets, admitted on CNBC that he was previously a skeptic but changed his stance after studying Bitcoin. He highlighted Bitcoin's ability to provide uncorrelated returns and serve as a hedge against currency debasement. Fink also noted that career risk for asset managers not holding digital assets is increasing. Additionally, he stated that Bitcoin is trading at $63K. Fink's remarks underscore a significant shift in the perception of Bitcoin within traditional finance, with BlackRock's involvement further legitimizing the cryptocurrency.