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BlackRock CEO Confident in Bitcoin’s Ability to Weather ‘Any Kind of Instability’

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Giuseppe Ciccomascolo
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Key Takeaways
  • BlackRock CEO Larry Fink views Bitcoin as a “currency of fear.”
  • He suggests it can serve as a hedge for investors worried about the devaluation of local currencies and economic instability.
  • Fink expressed optimism about Bitcoin’s potential, noting that its price could reach as high as $700,000.

In a striking shift from his past skepticism, BlackRock CEO Larry Fink now views it as “the hedge” against economic uncertainty.

In a recent Bloomberg interview , Fink described Bitcoin as a “currency of fear,” a haven for those concerned about the devaluation of local currencies or political instability.

Fink believes Bitcoin could become a go-to asset for those looking to protect their wealth in the face of global uncertainties.

Bitcoin as a Hedge Against Currency Devaluation

Fink’s perspective on Bitcoin has evolved significantly in recent years.

Once wary of cryptocurrencies, he now sees them as a solution to fears of currency debasement.

According to Fink, global investors worried about the devaluation of their national currencies could turn to Bitcoin for stability.

He explained that investors concerned about the debasement of their local currencies might turn to a globally accessible asset like Bitcoin to alleviate such concerns.

“If you fear the devaluation of your currency or are concerned about the economic or political stability of your country, you can turn to an instrument called Bitcoin that can overcome those fears. I strongly believe in the use of Bitcoin for this purpose,” Fink added.

Fink noted that discussions around Bitcoin are even gaining traction with sovereign wealth funds, signaling a growing institutional interest.

“If every investor considered this approach, Bitcoin could reach $500,000, $600,000, or even $700,000,” he added.

BlackRock’s Growing Crypto Involvement

BlackRock’s embrace of Bitcoin highlights a broader shift in institutional attitudes toward digital assets.

The world’s largest asset manager has made significant moves into the cryptocurrency space, including launching a spot Bitcoin ETF through its iShares platform in 2024.

Fink, once critical of Bitcoin, now compares it to “digital gold,” noting its potential as a store of value in uncertain times.

BlackRock has further solidified its crypto strategy by partnering with Coinbase to offer institutional clients access to Bitcoin through its Aladdin platform. The firm has also explored tokenizing traditional assets such as real estate and bonds.

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Giuseppe Ciccomascolo

Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors. Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
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