The fact that the world’s largest asset management company BlackRock recently applied for a spot Bitcoin ETF was an important development that energized the crypto market. Speaking for the first time after this application, BlackRock CEO Larry Fink shared his thoughts on Bitcoin.
BlackRock CEO Larry Fink described Bitcoin as digital gold during a live broadcast he attended. This characterization for Bitcoin has been pronounced by many names in the past years. Fink also highlighted the international adoption of Bitcoin and its potential to become a global asset.
Continuing to convey his positive views on Bitcoin during the interview, BlackRock CEO said that while noting Bitcoin’s ability to be a store of value and a suitable asset for long-term investment, it is similar to gold with these features. Fink’s comments are seen as confirmation of his company BlackRock’s move towards Bitcoin investment. The interest in crypto assets by such a large asset management company is considered a turning point for traditional finance companies to adopt Bitcoin.
The fact that companies such as BlackRock have put their name on the crypto money market also strengthens Bitcoin’s position in the global financial environment. On the other hand, although Bitcoin has a short history, it has successfully passed important stress tests in this process, and reinforced its feature of being a store of value. This is a situation that increases the desire of long-term investors to hold Bitcoin in their portfolios.
In the current situation, while many companies, especially BlackRock, are waiting for spot Bitcoin ETF approval, financial giants are expected to increase their demand for BTC with the SEC’s acceptance of this product. In addition, the halving event, which will take place on the Bitcoin network next year, has started to enter the agenda as a situation that supports the Bitcoin price due to the effect of reducing the supply of the asset.