Larry Fink, CEO of BlackRock, has publicly updated his perspective on cryptocurrencies, acknowledging that Bitcoin and digital assets now serve a role similar to that of gold in investment portfolios.
Fink, who in 2017 described Bitcoin as a tool for illicit activities, stated in a recent interview with CBS:
“I used to view Bitcoin as a playground for money launderers and criminals. However, markets teach us to revisit our assumptions. Bitcoin and other digital assets have a legitimate role, much like gold: they are alternatives.”
Despite this recognition, Fink emphasized prudence for investors:
“For those seeking diversification, Bitcoin is a viable option, but it shouldn’t dominate your portfolio.”
BlackRock, which manages roughly $12.5 trillion in assets, has become a significant institutional player in the crypto market. In 2024, the company launched the iShares Bitcoin Trust (IBIT) ETF, which, after SEC approval, became the largest crypto ETF with over $93.9 billion in assets under management.
According to CryptoQuant, by August 17, 2025, U.S.-based spot Bitcoin ETFs held more than 1.25 million BTC, with BlackRock controlling 748,968 BTC—approximately 60% of the market. In Q1 2025 alone, BlackRock invested $3 billion into digital assets, representing 2.8% of total IBIT investments.
Previously, during a 2024 conference call, Fink affirmed that Bitcoin is an independent asset class, providing an alternative to commodities such as gold. He also noted that the cryptocurrency sector’s growth relies on advancements in artificial intelligence and analytical tools, rather than regulatory decisions or U.S. presidential election outcomes.
Fink’s updated stance reflects a broader trend of institutional acceptance. Fabian Dori, Chief Investment Officer at Sygnum, commented:
“If any further proof of institutional adoption was needed, Fink himself provided it, highlighting Bitcoin as a potential hedge against U.S. dollar risk during debt crises.”
Institutions increasingly view crypto assets as both a store of value and an infrastructure for a decentralized financial ecosystem. Dori added:
“Rising macroeconomic uncertainty, geopolitical tensions, and currency devaluation risks are enhancing Bitcoin’s role as a ‘safe haven.’”
Previously, BlackRock analysts recommended allocating 1–2% of investment portfolios to Bitcoin, a strategy designed to maximize diversification potential.
