Despite the market turmoil, Fink compares cryptocurrencies to gold and Treasuries.
In an interview, Larry Fink, CEO of BlackRock, the largest asset manager in the world, asserted that the cryptocurrency advance is a “flight to quality” motivated by genuine economic fundamentals rather than fraudulent speculation.
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“This rally is way beyond rumor. The rally today is about a flight to quality with all these issues around the Israeli war,“ Fink said. “More people are running to flight to quality whether that’s on Treasuries, gold, or crypto.”
Fink made his remarks after Bitcoin gained value earlier today as a result of untrue claims that the SEC had approved the creation of a Bitcoin spot ETF. Gains were transient because cryptocurrency values quickly fell as it became clear that the reports were untrue.
Fink compared cryptocurrencies to traditional safe havens like US Treasuries and gold, which historically had a reputation for being reliable investments during unstable times and geopolitical crises.
Fink has also been positive about asset tokenization, saying that technology has the potential to “revolutionize finance.” BlackRock issued tokenized fund shares on JPMorgan’s new tokenization platform just last week.
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