Key Takeaways:
- BlackRock CEO Larry Fink now views Bitcoin as “digital gold” and a legitimate financial instrument.
- BlackRock’s iShares Bitcoin Trust surpassed Grayscale Bitcoin Trust with over $18 billion in year-to-date inflows.
- Bitcoin’s price surged past $60,000 after Fink’s comments and Germany’s completion of selling 50,000 Bitcoins.
BlackRock CEO Larry Fink, once a skeptic of Bitcoin, now views it as “digital gold” and a legitimate financial instrument.
In a CNBC interview, Fink admitted he was wrong about Bitcoin, acknowledging its potential for uncorrelated returns and as a hedge against currency debasement in unstable regions.
NEW: BlackRock CEO Larry Fink says #Bitcoin is digital gold 💥 pic.twitter.com/X9sjx2CgcQ
— Bitcoin Magazine (@BitcoinMagazine) July 15, 2024
BlackRock, managing $10.6 trillion, now holds the largest Bitcoin investment fund through its iShares Bitcoin Trust, which surpassed Grayscale Bitcoin Trust with over $18 billion in year-to-date inflows as of July 15.
The firm has also integrated Bitcoin into its Strategic Income Opportunities and Strategic Global Bond Funds.
Recent data shows significant inflows into Bitcoin investment vehicles, with over $1.35 billion in a single week.
Bitcoin’s price surged past $60,000 following Fink’s comments and Germany’s completion of selling 50,000 Bitcoins, reducing market pressure and reversing weeks of negative price action.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
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