PANews reported on October 14th that, according to Decrypt, BlackRock CEO Larry Fink has reiterated his cautious endorsement of cryptocurrency investments, retracting his October 2017 statement that Bitcoin was a "money laundering ancestor." In an interview with CBS on Sunday, Fink said, "I did say at the time that Bitcoin was the domain of money launderers and thieves, but markets teach people, and everyone always has to re-evaluate their assumptions. Cryptocurrency, like gold, has its place; it's an alternative." However, he also urged caution, arguing that cryptocurrencies aren't bad assets for those seeking diversification, but they shouldn't comprise a large portion of a portfolio. Fink's shift in tone aligns with Wall Street's overall softening of its stance on cryptocurrencies over the years, having previously been outright negative about Bitcoin.PANews reported on October 14th that, according to Decrypt, BlackRock CEO Larry Fink has reiterated his cautious endorsement of cryptocurrency investments, retracting his October 2017 statement that Bitcoin was a "money laundering ancestor." In an interview with CBS on Sunday, Fink said, "I did say at the time that Bitcoin was the domain of money launderers and thieves, but markets teach people, and everyone always has to re-evaluate their assumptions. Cryptocurrency, like gold, has its place; it's an alternative." However, he also urged caution, arguing that cryptocurrencies aren't bad assets for those seeking diversification, but they shouldn't comprise a large portion of a portfolio. Fink's shift in tone aligns with Wall Street's overall softening of its stance on cryptocurrencies over the years, having previously been outright negative about Bitcoin.
BlackRock CEO: Bitcoin and cryptocurrencies "do the same thing as gold"
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PANews reported on October 14th that, according to Decrypt, BlackRock CEO Larry Fink has reiterated his cautious endorsement of cryptocurrency investments, retracting his October 2017 statement that Bitcoin was a "money laundering ancestor." In an interview with CBS on Sunday, Fink said, "I did say at the time that Bitcoin was the domain of money launderers and thieves, but markets teach people, and everyone always has to re-evaluate their assumptions. Cryptocurrency, like gold, has its place; it's an alternative." However, he also urged caution, arguing that cryptocurrencies aren't bad assets for those seeking diversification, but they shouldn't comprise a large portion of a portfolio. Fink's shift in tone aligns with Wall Street's overall softening of its stance on cryptocurrencies over the years, having previously been outright negative about Bitcoin.
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