BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View

BlackRock CEO Larry Fink publicly acknowledged a significant shift in his view on Bitcoin during the NYT DealBook Summit, admitting he was previously wrong to criticize it, famously labeling it an "index for money laundering."

Fink now describes Bitcoin as an "asset of fear," purchased by investors seeking security against financial instability or currency debasement, though he cautioned against short-term trading due to volatility influenced by leveraged players. Despite these concerns, he affirmed that Bitcoin has a "meaningful impact on a portfolio" when held as a hedge and stated there is "no chance" it goes to zero, seeing a "big, large use case" for the asset.

This evolution in perspective comes as BlackRock, the $13.5 trillion asset manager, now offers crypto products, including a major Bitcoin ETF, contrasting sharply with Fink's earlier skepticism. Fink attributed his change of heart to years of client interactions and policy discussions, calling it a "very glaring public example" of needing to reassess strong opinions.

(Source：Bitcoin Magazine)