Larry Fink, CEO of investment company BlackRock, is forgoing his previous skepticism towards Bitcoin. During a recent appearance on CNBC’s Squawk on the Street, Fink said that he became a big believer in Bitcoin after spending some time studying the world’s most valuable cryptocurrency.
BlackRock, which is considered the largest asset manager in the world, launched an exchange-traded fund (ETF), iShares Bitcoin Trust, which “provides investors convenient exposure to Bitcoin.” It allows investors to invest in Bitcoin without having to go through “operational burdens” associated with traditional crypto investments.
When asked by host Jim Cramer about iShares Bitcoin Trust, Fink said that the ETF reflects the company’s changing stance on the crypto market.
“I was a proud skeptic, and I studied it, learned about it, and I came away saying, okay, you know, my opinion five years ago was wrong,” Fink said.
Fink also gave an endorsement to Bitcoin as a “legitimate financial instrument,” saying it can be a hedge against currency debasement.
“It is a legitimate financial instrument,” Fink shared. “I believe it is an instrument you invest in when you’re more frightened, though.”
After having a rough first half of July and sliding below 60K, Bitcoin recently bounced back. It is currently trading at around $64,641, with many analysts believing this is just the start of another major surge.