BLK - 'Bitcoin Is A Legitimate Financial Instrument' Says BlackRock CEO Larry Fink | Benzinga
BlackRock (NYSE:BLK) CEO Larry Fink has acknowledged Bitcoin as a legitimate financial instrument in an interview with CNBC’s Jim Cramer.
What Happened: “I was a proud skeptic, and I studied it, learned about it, and I came away saying, okay, you know, my opinion [for] five years was wrong,” Fink said about his previous skepticism.
BlackRock's iShares Bitcoin Trust (NASDAQ:IBIT) has become the largest spot Bitcoin (CRYPTO: BTC) ETF by market cap, reinforcing Fink’s view that Bitcoin is akin to digital gold.
The New York-based firm also achieved a significant milestone with its BlackRock USD Institutional Digital Liquidity (BUIDL) fund, which has surpassed $500 million in market value. This makes it the highest-valued tokenized treasury fund globally, according to its issuer Securitize Markets.
Fink emphasized Bitcoin’s potential as a hedge against currency debasement: “It is a legitimate financial instrument that allows you to have maybe uncorrelated, non-correlated ...