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Larry Fink, CEO of BlackRock, the world's largest asset management company managing $12 trillion, made important statements about Bitcoin ($BTC).

Larry Fink, who has stated for many years that Bitcoin is not a legitimate asset, has recently been praising $BTC.

Speaking at the New York Times' DealBook Summit yesterday, Fink answered questions from journalist Andrew Ross Sorkin about his views on cryptocurrencies and Bitcoin.

Fink has retracted his previous skepticism about Bitcoin, admitting that his initial view was wrong.

Stating that Bitcoin is an important asset for portfolio diversification, Fink compared it to gold.

“My initial perspective on Bitcoin was wrong. I think Bitcoin can be used as a portfolio diversification tool.”

Larry Fink, who later described Bitcoin as a “fear asset,” argued that $BTCwas an asset that quickly priced in fluctuations in the global geopolitical environment.

Citing its decline during US-China trade tensions as an example, Fink said, “Bitcoin reflects changes in global tensions. This shows how quickly perceptions can change in the cryptocurrency market.”

BlackRock CEO made similar remarks in his previous statements, stating that Bitcoin is an important hedge against fiat currency devaluation and plays the same role as gold.

*This is not investment advice.

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