BlackRock CEO Larry Fink Calls Bitcoin Pump A “Flight to Quality”

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.
SPECIAL OFFER (Sponsored)
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.

Source link

Leave a Comment