WATCH: BlackRock CEO Changes Tune: Bitcoin Is ‘Digital Gold’, According To Hedge Fund Chief

By Vince • July 7, 2023 11:12 am • Comments

It’s no secret that BlackRock’s management—particularly Larry Fink, has historically been against Bitcoin, likening the asset to a Ponzi scheme or a short-term fad.

Of course, just like the internet, and all things before it that were ‘silly’ in the beginning, institutional investors are finally starting to give Bitcoin the attention it so rightly deserves.

BlackRock, the world’s largest hedge fund, recently filed for a spot Bitcoin ETF, and now BlackRock CEO Larry Fink has come out to tout the power of Bitcoin as an international asset.

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Fink is now calling Bitcoin ‘digital gold’, leaving many to speculate that a massive bull run is about to begin due to increased institutional interest in the neutral, capped, decentralized asset.

MicroStrategy’s Michael Saylor shared a snippet of Fink’s latest comments, as well as the difference in performance between Gold (XAU) and Bitcoin (BTC).

Bitcoin.Com took note and provided this quote from Fink:

“Also I do believe the role of crypto is digitizing gold in many ways — instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency, whatever country you are in. Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency and so it can represent an asset that people can play as an alternative.”

CoinDesk shared this quote from the BlackRock CEO: “If we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”

 

Miles Deutscher explained: “Since BlackRock filed for a spot Bitcoin ETF, BTC held by funds has seen a strong uptick. This is only the beginning of widespread institutional BTC accumulation.”

 

Daily Coin explained:

In mid-June 2023, BlackRock, the world’s largest asset manager, filed for a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The Bitcoin ETF would allow investors to gain exposure to Bitcoin without buying the crypto directly.

Since the filing, Bitcoin has seen strong performance, rallying from $25,126.4 on June 15, 2023, to $30,513.0 by July 6, 2023. The rally is likely due to the market’s anticipation of more institutional investment in crypto.

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