BlackRock’s Larry Fink praises Bitcoin, calling it a global asset class.

BlackRock CEO Larry Fink named Bitcoin (BTC) as a separate asset class. In support of this belief, the asset management giant has launched a global campaign focused on institutional partners to boost the adoption of mainstream cryptocurrencies.

Bitcoin price continued its upward march above the $65,000 mark on Monday.

BlackRock CEO Bitcoin adoption campaign

Larry Fink made the comments during the company's third quarter earnings report, which shows that BlackRock is engaging institutions around digital assets globally. Specifically, the discussion focuses on asset allocation for Bitcoin as an alternative to commodities such as gold.

Also in his earnings report, Larry Fink pointed out that Bitcoin's expansion will be regulated or who will be the next US president. Instead, liquidity and transparency are the drivers, with former Bitcoin skeptics demanding improved analytics and greater investor acceptance.

Along with these, Fink Bitcoin and crypto, in general, are similar to other new financial products, which will eventually reach a stage even if they stop.

Read more: What is a Bitcoin ETF?

Larry Fink's perspective on Bitcoin shows a significant change, he was once thought to be an outspoken Bitcoin skeptic. Like JPMorgan CEO Jamie Dimon, the BlackRock executor has a history of dismissing BTC as a speculative and potentially risky asset.

Still, Fink's assertions may represent the general sentiment among BlackRock executives. The company's head of digital assets, Robbie MichnickHe recently said that Bitcoin is a safe haven And basically a risky asset.

Michnik explained that bitcoin is not linked to any country's economic health or policy, saying that its scarcity protects against the usual risk of currency collapse and political turmoil.

Earlier this month, another BlackRock executive, Jay Jacobs, said there is plenty of room for Bitcoin adoption. The head of US thematic and active ETFs (exchange-traded funds) estimates that Bitcoin will grow to a $30 trillion market in the coming years.

BlackRock's Bitcoin ETF rises to $23 billion

During the earnings call, BlackRock CEO Larry Fink revealed that the firm's IBIT ETF has grown to a $23 billion market cap in nine months. The ETF, which launched on January 11, gives institutional investors indirect access to Bitcoin. This period saw notable achievements, with the fund attracting billions in investments and breaking trading volume records.

“…and we will continue to pioneer new products to make investing easier and more affordable,” added Fink.

BlackRock's IBIT is the market leader in the Bitcoin ETF space in the US. He manages about 370,000 BTC, which makes him one of the biggest Bitcoin holders. IBIT has already surpassed MicroStrategy's bitcoin holdings and is now only behind Satoshi Nakamoto and Binance. Data on Arkham shows that BlackRock's Bitcoin stash is worth $25.35 billion.

Read more: Who will have the most Bitcoins in 2024?

As BlackRock and other crypto ETFs continue to offer institutional access to Bitcoin, security concerns have raised concerns. Critics fear that increased institutional adoption could undermine Bitcoin's core principles.

The cryptocurrency was intended to decentralize financial power, but as institutional control grows, some worry that it could turn into the entities that bitcoin is meant to bypass.