BlackRock Inc. (NYSE: BLK) CEO Larry Fink said cryptocurrencies have a legitimate role similar to that of gold, reversing his earlier skepticism during an interview with CBS’ 60 Minutes.
Fink reverses course as crypto gains ground like gold
Snitch recognized which he once described Bitcoin (CRYPTO:BTC) as “the domain of money launderers and thieves,” but said the markets had changed his view.
“Crypto has a role in the same way as gold,” he told 60 Minutes, calling it an alternative asset for investors seeking diversification.
He added that while this asset class can provide balance within a portfolio, investors should not view it as a major holding.
“It’s an alternative. For those looking to diversify, it’s not a bad asset,” he said.
“But I don’t think it should be a significant component of your portfolio.”
Wall Street rushes as institutional adoption accelerates
Fink’s comments come as institutions continue to increase their exposure to bitcoin-linked exchange-traded funds, which have attracted billions of dollars since their approval earlier this year.
Sovereign wealth funds and state-owned companies are also investing in digital assets, signaling a shift from retail speculation to strategic adoption.
The recognition from the world’s largest asset manager adds weight to the narrative that digital assets are becoming a recognized investment class comparable to traditional hedges such as gold.
Bitcoin price holds at $115,000 but eyes $124,000 breakout
BTC Price Analysis (Source: TradingView)
Bitcoin was trading near $115,300 on Monday, steady after last week’s decline toward $112,000.
It remains range-bound between $112,000 and $124,000, with near-term resistance near the 20- and 50-day EMAs around $116,000.
The RSI at 47 indicates neutral momentum, suggesting buyers are regaining their footing after recent selling pressure.
BTC net flows (Source: Coinglass)
On-chain data from Coinglass showed net outflows of $217 million on October 13, implying accumulation by long-term holders.
A hold above $112,000 keeps Bitcoin’s medium-term structure intact, while a decisive break above $124,000 could trigger a broader bullish continuation into the $130,000 region.
Why it matters
When the head of the world’s largest asset manager publicly aligns crypto with gold, it signals a generational shift in portfolio theory.
This is not just a hedging argument: it is Wall Street which admits that the digital shortage is now an institutional policy.
Such recognition, coupled with the billions flowing into Bitcoin ETFs, suggests that the battleground for capital allocation is no longer stocks versus bonds, but Bitcoin versus gold.
If this perception deepens, Bitcoin’s role could evolve from a speculative trade to a benchmark defining what it means to preserve wealth.
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