Larry Fink, the CEO of BlackRock, the world’s largest asset manager, admitted in an interview with CBS’ 60 Minutes that he was too negative about Bitcoin (BTC). While he previously dismissed the cryptocurrency as a domain for criminals and money launderers, he now speaks of a mature investment category that can have a place in a diversified portfolio.
From skeptic to believer
Fink, who was known for years as an outspoken critic of Bitcoin and crypto, made it clear in the interview that his attitude has changed. “We were talking about Bitcoin at the time. It was a domain of money launderers and thieves. But the markets teach you that you always have to re-examine your assumptions.”
Although he warns that not every cryptocurrency is equally useful, and he sees memecoins in particular as nonsensical, Fink acknowledged that digital assets as a category can no longer be ignored. “There’s a role for crypto, just like there’s a role for gold. It’s an alternative for those who want to diversify. It’s not a bad asset, but I don’t think it should be a big part of your portfolio.”
With those words, Fink places Bitcoin in the same category as gold: an alternative investment that can provide protection in times of uncertainty. The fact that BlackRock itself is now one of the largest providers of Bitcoin ETFs underlines the change in price. BlackRock’s iShares Bitcoin Trust (IBIT) has been one of the most popular exchange funds since its launch in 2024.
Lessons from the market
According to Fink, it’s all about learning the dynamics of the market. “What the markets have taught you over the past hundred years, even in the worst moments, is that a long horizon and perseverance will always come out well. A diversified portfolio is essential.”
In addition to his comments about Bitcoin and crypto, Fink also pointed to other investment opportunities. For example, he sees a lot of potential in start-ups, artificial intelligence (AI) and data centers, sectors that he believes will determine economic growth in the coming decades.
His suggestion to open American retirement accounts, the so-called 401(k)s, to more private investments was striking. This would give private investors access to growth markets that are currently mainly reserved for institutional investors.
Significance for Bitcoin and Investors
The fact that the CEO of BlackRock, a company that manages $10 trillion, openly admits that he has changed his opinion about Bitcoin, can carry a lot of weight. For many institutional parties, Fink is considered an important voice in the debate about new investment categories.
The fact that he now explicitly mentions Bitcoin alongside gold lends legitimacy to the idea that crypto is no longer just a niche or hype, but can become a permanent part of global portfolios. For investors, this may mean that the adoption of Bitcoin as “digital gold” will further accelerate.
Yet Fink remains cautious. He advises investors to view crypto only as a small part of their portfolio, precisely to limit the risks of volatility. But his message is clear: rejection without review is no longer an option.
“The markets always force you to reexamine what you thought you knew,” Fink said. And according to him, this now also applies to Bitcoin.
Source: https://newsbit.nl/blackrock-ceo-neemt-kritiek-op-bitcoin-terug-markten-leren-je-om-aannames-te-herzien/
