BlackRock CEO Larry Fink Calls Himself a “Major Believer” in Bitcoin Amid Global Uncertainty

BlackRock CEO Larry Fink Calls Himself a ‘Big Believer’ in Bitcoin Amid Global Uncertainty

BlackRock CEO Larry Fink has described Bitcoin (BTC) as a legitimate financial instrument, particularly appealing to those who have a pessimistic view of global affairs. In an interview with CNBC, Fink described himself as a “big believer” in the leading cryptocurrency, and this could be his strongest endorsement of Bitcoin to date. “It is a legitimate financial instrument,” Fink said. “But I believe it is more of an instrument that you invest in when you are scared.”

Fink’s comments come just two days after a failed assassination attempt on former President Donald Trump at a campaign rally in Pennsylvania that resulted in one death and two critical injuries. Bitcoin surged to its highest level in weeks in the aftermath of the incident. Rich Rosenblum, co-founder of trading firm GSR, said political volatility often drives Bitcoin buying and highlighted the assassination attempt as a stark reminder of the fragility of the current political landscape.

BlackRock, the world’s largest asset manager, recently saw its assets under management (AUM) rise to a record $10.65 trillion as of June 30. The milestone, which comes just six months after the launch of its iShares Bitcoin Trust (IBIT) in January, surpasses the company’s Q2 guidance of $10.2 trillion. BlackRock’s Q2 earnings report revealed that the firm attracted $51 billion in new client cash into its long-term investment funds, a 13% increase from the previous year.

“If you want to limit hope, Bitcoin is not a vehicle for hope,” Fink said. “I look at it as a vehicle through which you express that you are more afraid of the world, that you are more afraid. [for] your existence.”

Despite his personal optimism, Fink acknowledged that BlackRock’s recent aggressive moves into the crypto space reflect broader market sentiment. Last summer, BlackRock surprised the industry by filing for a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Bitcoin ETFs have continued to perform strongly, reporting weekly gains of $1.35 billion last week.