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The CEO of the asset management titan BlackRock says he was flat-out wrong to be a skeptic of Bitcoin.
In a new interview with 60 Minutes, Larry Fink shares a more optimistic stance on crypto as he explains why he takes back his earlier criticism of Bitcoin (BTC).
“We were talking about Bitcoin then. It was a domain of money launderers and thieves, but you know, the markets teach you: you have to always relook at your assumptions.”
While Fink thinks that some cryptocurrencies such as memecoins can be abused, he says he’s now a believer in digital assets investing.
“There is a role for crypto in the same way there’s a role for gold. It’s an alternative for those looking to diversify. This is not a bad asset but I don’t believe that it should be a large component of your portfolio.”
Fink also suggests opening retirement 401ks up to private investments.
He says startup companies, artificial intelligence (AI) and data centers offer great opportunities for investing.
“What the markets will teach you over the last 100 years, even at the worst moments, if you have the ability to persevere and you have a long-term horizon, you’re going to do fine and a diversified portfolio is essential.”
