Larry Fink, the CEO of BlackRock, which is a $10 trillion investment management company, has described cryptocurrency as a “flight to safety” asset class. He compared it to traditional safe-haven assets like gold and US Treasuries. Fink dismissed the notion that Bitcoin’s recent rally was solely due to rumors about his company’s spot ETF application being approved. He stated that the rally was instead driven by a flight to quality in light of the ongoing Israeli war. Fink believes that more people are seeking quality assets like treasuries, gold, and crypto, and he sees cryptocurrency playing a similar role as a safe-haven investment.
This is not the first time Fink has expressed positive views about Bitcoin. In June, he referred to it as “digital gold” and an alternative to government-controlled currencies. He also suggested that BlackRock’s proposed spot Bitcoin ETF could democratize crypto investing by making it more accessible to all. Analysts anticipate that the approval of the ETF would unleash a wave of capital into Bitcoin, positively impacting its price. Even a rumor about the ETF’s approval caused a significant surge in Bitcoin’s value. It’s worth noting that Fink had previously been critical of Bitcoin, referring to it as an index of global money laundering back in 2017.
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