The CEO of the world’s largest investment firm BlackRock, Larry Fink, stated that he has changed his stance on cryptocurrencies, recognizing Bitcoin as an alternative investment asset on par with gold. Fink acknowledged that back in 2017, he was skeptical about cryptocurrencies, but market dynamics have compelled him to reassess his beliefs.
This is reported by Business • Media
Bitcoin and Gold: A New Investment Paradigm
In an interview with CBS, Larry Fink emphasized that Bitcoin and other cryptocurrencies today serve the function of alternative investments, similar to gold. He stressed that these assets can be useful for portfolio diversification, although he recommends not making them a dominant part of investments.
“I really said that Bitcoin is a space for money launderers and thieves. But markets teach — you always need to reassess your assumptions. Cryptocurrencies have their role, just like gold: it’s an alternative.”
BlackRock, which manages assets worth approximately $12.5 trillion, has become one of the key players in the cryptocurrency market. In 2024, the company launched the iShares Bitcoin Trust (IBIT), which, after approval from the U.S. Securities and Exchange Commission, became the largest crypto ETF with over $93.9 billion in assets under management.
BlackRock’s Growing Influence in the Crypto Market
As of August 2025, American spot Bitcoin ETFs held over 1.25 million BTC, accounting for more than 6% of the total Bitcoin supply. Of these, BlackRock controlled 748,968 BTC, or nearly 60% of the market for such financial instruments. In the first quarter of 2025, the company attracted $3 billion in digital assets, representing 2.8% of the total investment volume in IBIT, while the amount of base fees reached $34 million.
During a conference call in 2024, Fink emphasized that Bitcoin is a standalone asset class and can serve as an alternative to traditional investments like gold. He also highlighted the importance of developing artificial intelligence and analytical tools for the further growth of the crypto asset market, stressing that this development is not dependent on regulation or the outcomes of U.S. presidential elections.
Fink’s change of views reflects a global trend towards institutional acceptance of cryptocurrencies. As noted by Fabian Dori, Chief Investment Officer at Sygnum, if any confirmation of institutional interest in Bitcoin was needed, it was provided by Larry Fink, who called Bitcoin a potential alternative to the U.S. dollar in the event of a debt crisis. According to Dori, institutions view crypto assets as a means of preserving value, an alternative payment instrument, and a foundation for a new decentralized economy.
“Increasing macro uncertainty, geopolitical tension, and the risk of currency devaluation are enhancing Bitcoin’s role as a ‘safe haven’,” added Dori.
BlackRock analysts previously recommended allocating 1–2% of an investment portfolio to Bitcoin. The company’s Director of ETF and Index Products, Samara Cohen, noted that such a strategy allows investors to maximize the potential of Bitcoin as a tool for investment diversification.