BlackRock CEO Larry Fink calls Bitcoin an asset class rivaling gold

BlackRock CEO Larry Fink has recognised Bitcoin (CRYPTO:BTC) as a legitimate asset class, comparing its investment potential to gold. 

During the Q3 2024 earnings call, Fink emphasised Bitcoin's growing acceptance and liquidity, downplaying the role of regulatory changes in driving the market. 

He predicted that Bitcoin, alongside blockchain technology, will continue to reshape global finance. 

Fink noted BlackRock’s role in the digital asset space, highlighting the firm’s Bitcoin ETF, which has attracted $23 billion in inflows since its launch. 

The CEO also pointed to the success of the newly launched iShares Ethereum ETF, which garnered over $1 billion in net inflows within two months. 

“We believe Bitcoin is an asset class in itself, an alternative to other commodities like gold,” Fink stated. 

He expressed confidence in Bitcoin’s future as an investment, stressing the importance of transparency and liquidity in market expansion. 

According to Fink, market growth will be driven by broader acceptance of digital assets, similar to the evolution of markets like high-yield bonds and mortgages. 

Fink also discussed global trends in central bank digital currencies (CBDCs), particularly in emerging markets like India and Brazil. 

He highlighted blockchain’s potential to enhance financial systems when combined with artificial intelligence and improved analytics. 

“We believe the technology of blockchains will be very additive,” Fink remarked, forecasting significant market growth and application beyond just cryptocurrencies. 

At the time of writing, the Bitcoin price was $65,726.25.