BlackRock CEO Larry Fink called the Bitcoin pump “a flight to quality.”
Larry Fink – CEO of $10 trillion investment management giant BlackRock – said crypto is a “flight to safety” asset class compared to gold and US Treasuries.
In an interview with Fox Business, Fink dismissed the idea that Bitcoin's (BTC) rally on Monday was just a hoax after the fund's spot ETF application was approved by regulators. “This rally is more than just a rumor,” he said. “I think today's rally will now be a flight to quality with the issues surrounding the Israeli war. Fink added that he believes many people are running to quality assets in general, including treasuries, gold or cryptos. “I believe crypto will play that role in quality flight,” he said. In June, Fink said that Bitcoin could compete with “digital gold” as an “alternative” to the world's government-controlled currencies. He also suggested that BlackRock's proposed position could “democratize” crypto investing by making the Bitcoin ETF available to everyone. The approval of the ETF is expected by many analysts to open up capital flows to bitcoin, which will have a positive impact on its price. Word of the fund's approval on Monday nearly took the property back to $30,000. In the year In 2017, Fink was more critical of Bitcoin, calling it an index of global money laundering.
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