BlackRock CEO Called Bitcoin and Gold Assets with the Same Function

• Larry Fink admitted that he has rethought his attitude toward crypto assets since 2017.
• For him, bitcoin and cryptocurrencies are now alternative investments, just like gold.
• Earlier, BlackRock raised $3 billion in digital assets in the quarter.

BlackRock CEO Larry Fink has admitted that he has changed his mind about cryptocurrencies since 2017, when he called bitcoin a “money laundering index.”

In an interview with CBS, Fink emphasized:

At the same time, he urged investors to proceed with caution:

BlackRock, which manages about $12.5 trillion in assets, has become one of the key players in the crypto market. In 2024, it launched the iShares Bitcoin Trust (IBIT) ETF, which, after approval by the US Securities and Exchange Commission, became the largest crypto ETF with more than $93.9 billion in assets under management, according to SoSoValue.

According to CryptoQuant, as of 17 August 2025, US spot bitcoin ETFs held more than 1.25 million BTC (over 6% of the total issue), of which BlackRock controlled 748,968 BTC, or almost 60% of the market.

In addition, in the first quarter of 2025, the company raised $3 billion in digital assets, which is 2.8% of the total investment in IBIT. The amount of base fees was $34 million.

During a conference call in 2024, Fink emphasized that bitcoin is an independent asset class and an alternative to other commodities, including gold.

He also noted that the sector’s growth requires the introduction of artificial intelligence and more analytical tools, while stressing that the development of the crypto market does not depend on regulation or the outcome of the US presidential election.

The change in Fink’s rhetoric reflects a broader trend towards institutional acceptance of cryptocurrencies. According to Fabian Dorey, chief investment officer at Sygnum, “if there was any need for further confirmation of the increasing institutional adoption, it has probably been provided by BlackRock CEO Larry Fink flagging bitcoin as a potential replacement of the U.S. dollar as a global reserve currency in case the U.S. debt situation would spiral out of control.”

According to him, institutions are interested in cryptoassets as a means of preserving value, an alternative payment instrument and infrastructure for the new decentralized application economy.

Earlier, BlackRock analysts recommended allocating 1-2% of an investment portfolio to bitcoin. According to Samara Cohen, investment director of ETF and index products at the company, this strategy “maximizes the potential of bitcoin as a diversification tool.”