BlackRock CEO Larry Fink Now Believes Bitcoin “Serves Same Purpose as Gold”
BlackRock CEO Larry Fink has taken a noticeably different tone on Bitcoin. The man who once dismissed it as a tool for money launderers now calls it a legitimate “alternative” investment. He said he’s had to go back and challenge some of his earlier assumptions about the crypto world.
In a recent CBS interview, Fink admitted that back in 2017, he considered Bitcoin to be mostly used by criminals. He openly acknowledged calling it “an index of money laundering.” That view, it seems, has changed dramatically. Today, he compares Bitcoin to gold. Not as a replacement for traditional investments, but as something that could sit alongside them in a well-diversified portfolio.
It’s an Option, Not the Main Course
Fink made it clear that while crypto may have a role to play, it should be a small one. He sees it as a way to add diversification, not something to bet the house on. The volatility, he says, is still a real concern.
Larry Fink just went on ‘60 Minutes’ to tell the world he was wrong about Bitcoin for years and in the future it will have a role similar to Gold.
Gold just hit a $27 trillion dollar market cap and a new all time high THIS MORNING.
They are going to SEND us in Q4. Buckle up. pic.twitter.com/CUui5LdsqC
— The ₿itcoin Therapist (@TheBTCTherapist) October 13, 2025
His take reflects what’s happening more widely in traditional finance. Institutions are warming up to crypto, but the approach is cautious. Nobody’s diving in headfirst. They’re dipping a toe, watching closely, and trying not to get burned.
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BlackRock’s Quiet Push Into Crypto
BlackRock is not standing still. Under Fink’s leadership, the company has launched several crypto-related products. One of the most notable is its iShares Bitcoin Trust, which rolled out in 2024. That ETF has quickly become the biggest of its kind, reportedly managing nearly $94 billion in assets.
Interestingly, Fink said that about half of the demand for this fund has come from retail investors. Even more surprising, most of them weren’t existing iShares customers. That suggests Bitcoin might be pulling in a different kind of investor—people who haven’t been interested in traditional funds but are curious about crypto.
A Bigger Trend Is Taking Shape
Industry watchers see Fink’s new stance as a sign of something bigger. Fabian Dori, the Chief Investment Officer at Sygnum, said crypto is starting to move from just institutional curiosity to actual adoption. He pointed to global uncertainty and fears around currency debasement as driving interest.
Some believe Bitcoin could even become a reserve-like asset in the future, especially if concerns over US debt continue. Big firms like Fidelity and BlackRock are already weaving Bitcoin exposure into their products. Companies like Tesla have added it to their treasuries. It’s not just talk anymore.
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But Not Everyone’s Convinced
Skepticism hasn’t gone away. UK firm Hargreaves Lansdown recently warned that Bitcoin has no intrinsic value and isn’t reliable for meeting long-term financial goals. Still, they’ve opened access to crypto products for certain clients, showing that hesitation doesn’t always lead to refusal.
Meanwhile, the price swings continue. Bitcoin dropped from above $121,000 before bouncing back past $115,000. That kind of volatility keeps some investors excited and others far away.
A Step Toward the Middle
Fink’s comments suggest a middle path. He’s not fully embracing crypto, but he’s no longer writing it off either. Bitcoin is now on his radar as a real option, just not a primary one.
His shift might reflect a broader rethinking happening across the financial world. Crypto may not replace the old system, but it’s carving out a place alongside it. Institutions are starting to take notice, and Fink’s new tone could be a sign of more change to come.
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Key Takeaways
- Larry Fink admitted he was wrong about Bitcoin, shifting from calling it an “index of money laundering” to seeing it as a legitimate alternative asset.
- Fink now compares Bitcoin to gold, saying it can add diversification to portfolios, but warns it should only play a small role due to its volatility.
- BlackRock has launched crypto products under Fink’s leadership, including the iShares Bitcoin Trust, which has grown to nearly $94 billion in assets.
- Fink revealed that half the demand for BlackRock’s Bitcoin ETF has come from retail investors, many of whom weren’t previous iShares customers.
- His updated view reflects a broader shift in traditional finance, where institutions are beginning to treat Bitcoin as a real option rather than ignoring it entirely.
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