BlackRock Inc. BLK CEO Larry Fink said cryptocurrencies have a legitimate role similar to gold, reversing his earlier skepticism during an interview with CBS' 60 Minutes.
Fink Reverses Course As Crypto Gains Ground Like Gold
Fink acknowledged that he once described Bitcoin BTC/USD as "the domain of money launderers and thieves," but said markets had reshaped his view.
"There is a role for crypto in the same way there is a role for gold," he told 60 Minutes, calling it an alternative asset for investors seeking diversification.
He added that while the asset class can provide balance within a portfolio, investors should not treat it as a major holding.
"It is an alternative. For those looking to diversify, this is not a bad asset," he said.
"But I don't believe it should be a large component of your portfolio."
Wall Street Rushes In As Institutional Adoption Accelerates
Fink's comments arrive as institutions continue ramping exposure to Bitcoin-linked exchange-traded funds, which have drawn billions in inflows since approval earlier this year.
Sovereign funds and public companies are also allocating to digital assets, signaling a shift from retail speculation toward strategic adoption.
The acknowledgment from the world's largest asset manager adds weight to the narrative that digital assets are maturing into a recognized investment class comparable to traditional hedges such as gold.
Bitcoin Price Holds $115,000 But Eyes $124,000 Breakout
BTC Price Analysis (Source: TradingView)
Bitcoin traded near $115,300 on Monday, steady after last week's decline toward $112,000.
It remains range-bound between $112,000 and $124,000, with short-term resistance near the 20- and 50-day EMAs around $116,000.
The RSI at 47 indicates neutral momentum, suggesting buyers are regaining footing after recent selling pressure.
BTC Netflows (Source: Coinglass)
On-chain data from Coinglass showed $217 million in net outflows on Oct. 13, implying accumulation by long-term holders.
Holding above $112,000 keeps Bitcoin's midterm structure intact, while a decisive breakout above $124,000 could trigger a broader bullish continuation into the $130,000 region.
Why It Matters
When the head of the world's largest asset manager publicly aligns crypto with gold, it signals a generational shift in portfolio theory.
This is not just a hedge argument — it is Wall Street admitting that digital scarcity is now institutional policy.
Such recognition, paired with billions flowing into Bitcoin ETFs, suggests the battleground for capital allocation is no longer stocks versus bonds but Bitcoin versus gold.
If this perception deepens, Bitcoin's role could evolve from a speculative trade to the benchmark that defines what it means to preserve wealth.
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