Larry Fink Shifts Stance on Bitcoin, Now Calls It 'Digital Gold'
BlackRock CEO Larry Fink has changed his stance toward Bitcoin over the past seven years. Initially skeptical and calling it an index of money laundering in 2017, he now refers to it as digital gold. This shift coincided with BlackRock's launch of its iShares Bitcoin Trust (IBIT), which became one of the firm’s fastest-growing investment products after receiving SEC approval alongside other spot Bitcoin ETFs in January 2024. The IBIT fund reached $70 billion in assets within just over a year and briefly approached $100 billion during Bitcoin's peak above $126,000 last October. However, the market experienced significant volatility this year as Bitcoin dropped below $60,000 by June, leading to record outflows from U.S. spot Bitcoin ETFs for eight consecutive weeks. Despite these challenges, a rebound in August saw Bitcoin reclaiming levels above $80,000, supported by Treasury buybacks and political developments such as President Trump's advocacy for the CLARITY Act at the White House.
Topics: Bitcoin BlackRock digital gold investment sentiment Larry Fink