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Larry Fink, CEO of BlackRock, has recently declared Bitcoin the ‘digital gold’ of the future, marking a significant shift from his previous skepticism. In an interview, Fink highlighted Bitcoin’s role as a valid long-term investment, influenced by the asset’s robust performance and the successful launch of the firm’s Spot BTC ETF earlier this year. Fink emphasized the importance of Bitcoin in diversifying investment portfolios, signifying a major endorsement from the financial giant.
The year 2024 has been pivotal for Bitcoin, witnessing the launch of the first crypto-based ETF in the United States and attracting substantial institutional investments. This surge in interest propelled Bitcoin to a record high of $73,000 in March. Fink’s acknowledgment of Bitcoin’s legitimacy underscores its growing acceptance among traditional financial institutions.
Reinforcing his belief in Bitcoin, Fink described the cryptocurrency as a critical financial instrument that provides an investment opportunity beyond traditional government control. This perspective showcases a dramatic transformation in Fink’s view, who now sees Bitcoin as an essential component of financial portfolios, akin to a powerful financial hedge.