Larry Fink – CEO of $10 trillion investment management giant BlackRock – says crypto is a “flight to safety” asset class, comparable it to the likes of gold and US Treasuries.
- In an interview with Fox Business, Fink dismissed the idea that Bitcoin (BTC)’s rally on Monday was merely due to a false rumor about his fund’s spot ETF application being approved by regulators.
- “This rally is way beyond the rumor,” he said. “I think the rally today is about a flight to quality with all the issues around the Israeli war now.”
- Fink added that he believes more people are running toward quality assets in general, including treasuries, gold, or crypto. “I believe that crypto will play that type of role as a flight to quality,” he said.
- In June, Fink said Bitcoin was comparable to “digital gold,” which served as an “alternative” to the government-controlled currencies of the world.
- He also suggested that BlackRock’s proposed spot Bitcoin ETF could potentially “democratize” crypto investing by making it available to all.
- The ETF’s approval is expected by many analysts to unlock waves of capital to access Bitcoin, positively influencing its price. A mere rumor of the fund’s approval on Monday nearly took the asset back up to $30,000.
- Back in 2017, Fink was far more critical of Bitcoin, calling it an index of global money laundering.
