Once again, support BTC! BlackRock CEO: I was wrong 5 years ago, BTC is a legitimate financial instrument.

Market - 2024.07.16 - By Sean
BlackRock CEO Larry Fink once referred to BTC as the "Money Laundering Index", but now he has become a loyal supporter of BTC, emphasizing its status as a legitimate financial tool and should be a part of everyone's investment portfolio.

Is the allure of BTC ($BTC) long? Larry Fink, CEO of the globally renowned asset management company BlackRock, once referred to BTC as the 'Money Laundering index,' but over the past two years, he has undoubtedly become a faithful believer in BTC.

At the end of last year, when BTCSpot ETF had not yet been approved, Larry Fink had said in an interview:
"We do believe that if we can tokenize more long assets and securities, this is what BTC is doing, it may completely change finance."

And recently, Larry Fink admitted again in an interview with the foreign media CNBC that his view on BTC five years ago was wrong, and reiterated that BTC is a legitimate financial instrument and should be part of everyone's investment portfolio.

Why bullish on BTC

Since the beginning of this year, the price of BTC has surged by 70%, and BlackRock's investment in BTC is also starting to show results.

The company's iShares BTC Trust (IBIT), launched in January this year, has accumulated over 18 billion US dollars in assets since its launch, with a rise of 4 billion US dollars in the second quarter. This achievement is undoubtedly a strong proof of the potential of the BTC market.

In addition, BlackRock's latest financial report shows that its managed assets rose 13% annually to $10.6 trillion, exceeding analysts' expectations. This data further consolidates Bitcoin's position in the investment community.
BTC is a legal financial instrument.

Larry Fink emphasized that BTC is an international asset and does not depend on any single currency, which gives it a unique advantage in hedging inflation and currency depreciation:
"Instead of investing in gold to hedge inflation, no matter which country you are in, you will face currency depreciation. BTC is an international asset that can serve as an alternative."
He also stated in an interview that his view five years ago was wrong, and now he believes that BTC is a legitimate financial instrument. This view has also been recognized by the market, and more and more long-term investors are starting to see BTC as an effective hedging tool, especially against the backdrop of increasing global economic uncertainty.

Larry Fink's transformation is not an exception. In Wall Street, more and more long financial tycoons are beginning to realize the potential of BTC and see it as the next "Wild West" market. Many well-known investors and institutions have already started to layout BTC, hoping to get a share in this emerging market.