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Bitcoin (BTC): A Legitimate Asset, According to Larry Fink, CEO of BLK
BlackRock (BLK) CEO Larry Fink has reiterated his belief that Bitcoin (BTC) is an asset that everyone should consider holding in their portfolio.
“My opinion five years ago was wrong,” Fink said in a interview with CNBC. “I believe bitcoin is a legitimate financial instrument,”
Fink’s appearance Monday morning came after BlackRock’s conference Second Quarter Resultswhich beat analysts’ estimates, with assets under management rising 13% year-over-year to $10.6 trillion.
A minor contributor to the company’s AUM figure is its iShares Bitcoin Trust (IBIT), which launched in January and has accumulated more than $18 billion since then, including $4 billion in the second quarter.
Bitcoin, Fink continued, should be part of every investor’s portfolio because it potentially allows for uncorrelated returns and offers financial control.
“It’s an instrument you invest in when you’re afraid,” Fink said. “It’s an instrument you invest in when you believe countries are depreciating their currencies because of excessive deficits.”
“It is really necessary for everyone to consider this as an alternative,” he concluded.