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The CEO of the world’s largest asset manager says he sees Bitcoin (BTC) as a worthy long-term store-of-value asset.
In a new interview on FOX circulating on the social media platform X, BlackRock CEO Larry Fink says there are a number of potential use cases for the flagship cryptocurrency, including cross-border transactions and a hedge against overreaching governments.
“There’s a lot of merit to it, there’s a lot of opportunity. It is a great store [of value]…It can be an asset that can be cross-border…
Maybe this is one of the reasons why China has banned it. If you’re in a country where you’re fearful of your future, fearful of your government or you’re frightened that your government is devaluing its currency by too much deficits, you could say this is a great potential long-term store of value.”
Fink also says Bitcoin is digital gold with practical uses.
“It’s like digital gold and I believe that you still can buy a slice of pizza with it, but you can’t buy a slice of pizza with palladium or gold. You could buy and sell your Bitcoin, no different than gold…
It is a ledger, but it’s an international ledger. It’s cross-border. It’s bigger than any government.”
In a newly amended filing with the U.S. Securities and Exchange Commission (SEC), BlackRock says its Global Allocation Fund may buy shares of Bitcoin exchange-traded products (ETPs), including the company’s own iShares Bitcoin Trust (IBIT).
At time of writing, Bitcoin is trading at $68,345.
Generated Image: Midjourney
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