BlackRock CEO Larry Fink: Bitcoin Earns Its Place in Portfolios

On Jul 18, 2024

BlackRock CEO Larry Fink now champions Bitcoin, recognizing its legitimacy and potential as a reliable investment, reversing his prior critical stance.
With increasing institutional inflows and ETF adoption, experts predict Bitcoin could reach $100,000 by the end of 2024, solidifying its position in investment portfolios.

Following BlackRock CEO Larry Fink’s revelation, as reported in a previous CNF post, he is now a firm believer in Bitcoin and admits he was completely wrong in his earlier criticisms of the digital asset. The co-founder and CEO of the giant asset manager BlackRock currently emphasizes that there is a “role for Bitcoin” in today’s investment portfolios.

In a recent interview on CNBC’s ‘Squawk on the Street,’ where he discussed the company’s quarterly earnings results and economic outlook, Fink expressed his opinion:

My opinion five years ago was wrong. Here’s my opinion… I believe Bitcoin is legitimate. I’m not trying to say there haven’t been misuses, like everything else. But it is a legitimate financial instrument that allows you to have maybe uncorrelated, non-correlated type of returns.

Furthermore, Fink adds that the adoption of Bitcoin as an asset class will increase going forward, as he believes the community will see Bitcoin as one of the asset classes to rely on. He views it as digital gold, as he has said before, and believes there’s a real need for everyone to consider it as an alternative.

Can BTC Price Hit $100,000 in 2024?

Meanwhile, crypto trader Michaël van de Poppe shared through his X account, tweeting that Bitcoin should finish 2024 strong as inflows from exchange-traded funds (ETFs) begin to pick up pace. He further points out that there has been the largest net inflow for Bitcoin since the end of June.

#Bitcoin aims to continue moving upwards.
The highest amount of net inflow from the ETF was established (more than $400M) in the last month.
Gold making a new ATH.
It’s going to be a great second half of 2024. pic.twitter.com/QgcK3PKlPj
— Michaël van de Poppe (@CryptoMichNL) July 17, 2024

Despite the negative news, Bitcoin’s price is stable at $65,000 with consistent institutional inflow. It’s only a matter of time before we see Bitcoin at $100,000. Given the positive momentum from institutional inflows and ETF adoption, alongside growing acceptance from influential figures like Larry Fink, the current trends suggest that Bitcoin is well on its way to achieving a price of $100,000 in 2024, despite some uncertainties.

At the time of writing, Bitcoin (BTC) is trading at $64,645.89, with a decrease of 1.64% in the past day and a surge of 11.76% in the past week. See the price chart below.