"Now Digital Gold" BlackRock CEO Transforms from Bitcoin Skeptic to Advocate

"Measures to Counter Currency Value Decline"

Laurence Fink BlackRock Chairman

Larry Fink, CEO of BlackRock, the world's largest asset management firm (photo), evaluated Bitcoin as having value as a means to counteract currency depreciation.

In an interview with CNBC on the 15th (local time), CEO Fink stated, "It can be a countermeasure when countries are believed to be devaluing their currencies due to excessive fiscal deficits."

He described Bitcoin as "a legitimate financial instrument that can generate profits regardless of overall market trends" and said, "I see it as an asset to invest in when there is fear."

CNBC reported that since the approval of the Bitcoin spot exchange-traded fund (ETF) in the U.S. earlier this year, BlackRock has become an important player in the cryptocurrency market. BlackRock's related ETF, the 'iShares Bitcoin Trust' (IBIT), has total assets exceeding $18 billion, making it the largest. Additionally, BlackRock has submitted an application to the U.S. Securities and Exchange Commission for the launch of a spot ETF for Ethereum, the second-largest cryptocurrency by market capitalization.

He mentioned that although he was once a Bitcoin skeptic, he now refers to Bitcoin as "digital gold." He added, "I believe Bitcoin has a role in an investment portfolio."

Meanwhile, BlackRock announced in its Q2 earnings report that its assets under management reached a record high of $10.65 trillion.

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