Larry Fink, co-founder and CEO of BlackRock, has openly embraced cryptocurrencies, moving past his earlier skepticism. In a recent interview with CNBC, Fink expressed his belief that digital assets like Bitcoin have a valuable place in an average investor’s portfolio.
Despite legal disputes over Bitcoin’s origins, such as the U.K. court ruling that Craig Wright did not create Bitcoin, Fink maintains faith in the legitimacy of Bitcoin. He noted to CNBC’s Jim Cramer, “I believe Bitcoin is legitimate. Like anything, there are misuses, but it serves as a legitimate financial instrument offering uncorrelated returns.”
When discussing the impact of the U.S. budget deficit on crypto investment, Fink affirmed, “Absolutely,” suggesting that cryptocurrencies can serve as a hedge against the devaluation of national currencies.
Following the SEC’s approval for spot Bitcoin ETFs in the U.S., BlackRock’s iShares group introduced the iShares Bitcoin Trust (IBIT) earlier this year. IBIT quickly became the largest spot Bitcoin ETF, managing assets exceeding $18 billion.
Fink has consistently shown optimism about Bitcoin since the launch of IBIT, celebrating it as the fastest-growing ETF in history. He also remains positive about Ether ETFs, indicating that an ETH ETF could be possible even if the SEC classifies Ether as a security.
Earlier this year, BlackRock introduced its first tokenized fund on the Ethereum blockchain, the BlackRock USD Institutional Digital Liquidity Fund, or BUIDL. This fund, fully collateralized by cash, U.S. Treasury bills, and repurchase agreements, offers qualified investors the chance to earn U.S. dollar yields.