BlackRock CEO: Bitcoin is a "fear asset"

According to Odaily Planet Daily, BlackRock CEO Larry Fink stated at the DealBook Summit on December 3rd, alongside Coinbase CEO Brian Armstrong, that Bitcoin is a "fear asset."

Larry Fink stated that people hold Bitcoin out of "fear" of personal and financial security, explaining that this fear drives up Bitcoin's price when uncertainty surges and falls when the fear subsides. He argues this differs from BlackRock's $13.5 trillion in assets, which largely represent "hope," as Bitcoin falls into the category of investors worried about government fiat currency devaluation, financial instability, and geopolitical turmoil.

Larry Fink's remarks mark a significant shift in his attitude towards Bitcoin. He had previously called Bitcoin an "index of money laundering and theft" in 2017.

Currently, BlackRock manages the world's largest Bitcoin ETF, holding over 780,000 Bitcoins, worth approximately $80 billion.