BlackRock CEO Larry Fink has shared his perspective on Bitcoin, asserting that it is not a currency but rather akin to "digital gold".

Speaking in a recent interview, Fink highlighted the "legitimacy" surrounding Bitcoin and its underlying blockchain technology, signaling a positive long-term outlook from the world's largest asset manager.

Key Takeaways

• BlackRock CEO Larry Fink views Bitcoin as "digital gold", not a currency.
• Fink acknowledges the legitimacy of Bitcoin and blockchain technology.
• BlackRock's investment philosophy emphasizes "long-termism."
• Bitcoin is described as a "currency of fear" driven by concerns over currency debasement and national security.
• Bitcoin's price has recently seen a decline after hitting an all-time high.

BlackRock's Long-Term View on Bitcoin

Larry Fink, the CEO of BlackRock, recently elaborated on his views regarding Bitcoin during an interview with Citi.

He emphasized that BlackRock's business model is rooted in "long-termism," suggesting a bullish stance on Bitcoin's future potential.

Fink also characterized Bitcoin as a "currency of fear," explaining that investors often turn to it due to anxieties about their country's economic security and the potential devaluation of traditional currencies.

Bitcoin's Recent Performance and Future Outlook

Bitcoin has experienced significant price fluctuations, reaching multiple all-time highs in the past year, partly fueled by strong inflows into Bitcoin Exchange Traded Funds (ETFs).

BlackRock's own Bitcoin ETF, IBIT, has been a notable performer in this market. Despite recent gains, Bitcoin's price has seen a correction, falling over 10% from its most recent peak of approximately $124,128 on August 14th.

The digital asset is currently trading around the $111,000 level, with recent liquidations contributing to its decline. Analysts note that September has historically been a bearish month for Bitcoin. However, potential interest rate cuts by the Federal Reserve could stimulate riskier investments, potentially benefiting Bitcoin's price trajectory.

Sources:

• BlackRock CEO Says Bitcoin Not Currency, But “Digital Gold”
• BlackRock CEO Larry Fink Calls Bitcoin a “Hedge Against Debasement” as IBIT Crosses 781,000 BTC
• Bitcoin and Ether Fall Further. This Can Reignite the Crypto Rally

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