Is Bitcoin Becoming the New Gold? BlackRock’s Larry Fink Thinks So

Larry Fink, CEO of BlackRock, is convinced that Bitcoin is on its way to becoming an asset class in its own right.

He further stated that he views Bitcoin as a viable alternative to gold. Fink mentioned that BlackRock is currently discussing potential allocations with various institutions, and he said this type of investment will soon extend to Ethereum.

In January, BlackRock launched a hugely successful Bitcoin ETF, which some enthusiasts believe helped boost the value of the cryptocurrency to record highs.

Then in July, they introduced the Ethereum ETF, which, while it received more moderate inflows, is still seen as a positive development.

Fink also drew a comparison between digital assets and the $11 trillion mortgage market. Although digital assets have had a slow start, he believes that, like the mortgage market, advances in analytics and data will eventually expand the market and is convinced that a similar trajectory is likely for cryptocurrencies.

Addressing one of the most anticipated events in the US this year, namely the presidential election, the BlackRock director said that the future of the largest cryptocurrency does not depend on who wins it.

Here’s full Larry Fink quote on bitcoin/digital assets from the Q3 earnings call, he says bitcoin asset class in itself, they talking with institutions worldwide about allocation, dig assets remind him of the early days of the mortgage market (now $11T) and POTUS won’t make dif pic.twitter.com/McvpW7cCnB

— Eric Balchunas (@EricBalchunas) October 14, 2024