BlackRock CEO Larry Fink says Bitcoin “Is An Asset Class That Protects You”

In a notable statement, BlackRock CEO Larry Fink has expressed a positive perspective on Bitcoin during an interview today with CNBC, affirming that it “is an asset that protects you.” 

“I believe it goes up if the world is frightened, if the people have fearful geopolitical risks, they’re fearful of their own risks,” said Fink. “It’s no different than what gold represented over thousands of years. It is an asset class that protects you.”

Fink’s recognition of Bitcoin as a protective asset suggests helps shift the narrative surrounding the digital currency, emphasizing its role as a safeguard amid economic uncertainties. This endorsement from the head of the world’s largest asset management firm is a significant milestone for Bitcoin’s acceptance within mainstream financial circles.

“Unlike gold where we manufacture new gold, we’re almost at the ceiling of the amount of Bitcoin that can be created,” Fink continued. “What we’re trying to do is offer an instrument that can store wealth.”

The statement comes just two days after the US Securities and Exchange Commission (SEC) approved BlackRock’s, alongside 10 other asset managers, spot Bitcoin ETF. Fink’s positive sentiment further adds to the growing chorus of influential figures recognizing Bitcoin’s potential to play a protective role in an investment portfolio.

As the Bitcoin market continues to evolve, statements like these from key industry figures contribute to shaping a positive narrative around Bitcoin, potentially influencing broader market sentiments and paving the way for increased adoption.