- BlackRock’s Larry Fink said bitcoin is a legitimate financial asset that everybody should hold.
- This comes as the asset manager on Monday posted better-than-expected second quarter earnings.
- BlackRock’s iShares Bitcoin Trust (IBIT) added $4 billion in assets during the quarter.
Five years ago, my assessment of bitcoin was incorrect. Now, I hold the belief that it qualifies as a legitimate financial instrument.
Fink, who appeared on Mondays, came after BlackRock released their second quarter earnings report. This report surpassed analyst predictions, with assets under management rising by 13% compared to the previous year, reaching a total of $10.6 trillion.
The iShares Bitcoin Trust (IBIT), a relatively small component of the company’s assets under management (AUM), was launched in January and has amassed over $18 billion as of now, with approximately $4 billion added during the second quarter.
As a financial analyst, I strongly recommend including Bitcoin in your investment portfolio. This digital currency offers the potential for uncorrelated returns, meaning it can provide gains when traditional assets are experiencing losses. Moreover, holding Bitcoin gives investors greater financial autonomy.
Fink explained, “This is a tool you turn to when you’re particularly fearful.” Alternatively, “Fink referred to it as a tool one employs when they believe nations are devaluing their currencies through oversized deficits.”
“There’s a real need for everyone to look at it as one alternative,” he concluded.
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2024-07-15 19:27