“Bitcoin is a Legitimate Financial Instrument”

BlackRock (BLK) CEO Larry Fink reiterated his belief that bitcoin (BTC) is an asset everyone should consider holding as part of their portfolio.

“My opinion five years ago was wrong,” Fink said in an interview with CNBC, adding, “I believe Bitcoin is a legitimate financial instrument.”

Fink’s comments came after BlackRock’s second-quarter earnings results that beat analyst estimates, with assets under management increasing 13% annually to $10.6 trillion.

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Another contributor to the company’s AUM value was the iShares Bitcoin Trust (IBIT), which was launched in January and has accumulated more than $18 billion in assets since January, including $4 billion in the second quarter.

Fink said bitcoin should be a part of every investor’s portfolio as it allows for potentially independent returns and provides financial control, adding:

“Everyone should see bitcoin as the only alternative.”