Larry Fink, the CEO of BlackRock, one of the world’s largest investment management companies with $10 trillion in assets, has referred to cryptocurrency as a “flight to safety” asset class. In an interview with Fox Business, Fink dismissed the notion that Bitcoin’s recent rally was solely due to a false rumor about the approval of his company’s spot ETF application. According to Fink, the rally can be attributed to a flight to quality amid current geopolitical tensions, particularly the Israeli war. He believes that not only treasuries and gold, but also cryptocurrencies, will serve as a safe haven for investors seeking quality assets. Fink had previously referred to Bitcoin as “digital gold” and suggested that BlackRock’s proposed spot Bitcoin ETF could make cryptocurrency investing accessible to everyone.
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