In a recent interview with CNBC, BlackRock’s CEO Larry Fink admitted to being initially wrong about Bitcoin, but now seeing it as a valuable asset – similar to gold – and a legitimate financial instrument.
Fink, who oversees a $10.6 trillion asset management firm, stated that he was once a proud skeptic of the decentralized digital currency but changed his mind after studying it.
He believes that Bitcoin offers uncorrelated returns and can be used as a hedge against currency debasement, especially in countries with unstable economies and governments.
Fink concludes by mentioning the potential for Bitcoin to offer individuals in these countries the opportunity to invest in something beyond their local markets.
