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Wall Street’s Biggest Bitcoin Skeptic Just Called It Gold

The head of the world’s largest asset manager just delivered the endorsement cryptocurrency markets have been waiting for.

Larry Fink, CEO of BlackRock, stunned viewers during a CBS 60 Minutes interview when he declared Bitcoin comparable to gold, a dramatic reversal from the executive who once dismissed the digital currency as an “index of money laundering.”

I did say Bitcoin was for money launderers and thieves,” Fink admitted during the broadcast. “But the market teaches you to always rethink your assumptions.”

The comments sent immediate ripples through crypto markets. Bitcoin jumped roughly 4% following the interview, climbing to $115,300 before settling around $172,000 in Australian dollar terms as of mid-October.

From Skeptic to Supporter

Fink’s journey mirrors Wall Street’s broader awakening to digital assets. Back in 2017, the BlackRock chief characterized Bitcoin as merely measuring criminal activity. Fast forward to 2025, and he’s positioning it as a legitimate portfolio diversification tool.

There is a role for crypto in the same way there is a role for gold,” Fink explained during the interview. “For those looking to diversify, this is not a bad asset.”

The transformation isn’t just rhetorical. BlackRock’s actions speak louder than Fink’s words. The firm’s iShares Bitcoin Trust (IBIT), launched in January 2024, has amassed over $86 billion in assets under management, breaking into the top 20 U.S. ETFs by total holdings.

The Numbers Behind the Shift

BlackRock manages approximately $18 trillion in assets globally. When a firm of that magnitude pivots on Bitcoin, markets pay attention.

IBIT’s success demonstrates institutional appetite for regulated crypto exposure. The ETF attracted unprecedented inflows during its first 18 months, outpacing even BlackRock’s own gold ETF at certain points.

The firm holds roughly 56% of all Bitcoin accumulated by U.S. spot Bitcoin ETFs combined, approximately 700,000 BTC, according to recent data.

The market is witnessing something remarkable,” noted Bloomberg ETF analyst Eric Balchunas. “IBIT achieved in months what typically takes years.”

Why Gold Matters for Bitcoin

Fink’s gold comparison carries significant weight. Gold has served as humanity’s store of value for millennia, weathering empires’ rise and fall.

By drawing that parallel, Fink acknowledges Bitcoin’s potential role as a hedge against currency debasement and economic instability, precisely gold’s traditional function.

If you’re frightened of the debasement of your currency, or the economic or political stability of your country, you can have an internationally based instrument called Bitcoin,” Fink said.

The comparison resonates during a period of unprecedented fiscal expansion globally. U.S. federal debt approaches $55 trillion, while interest payments exceed defence spending for the first time in modern history.

Market Response and Implications

Bitcoin’s price has responded to growing institutional acceptance. After languishing below $30,000 during early 2023, BTC surged past $184,000 in November before recent volatility brought it back to current levels.

Bitcoin Price

The cryptocurrency now commands a market capitalisation of $2.28 trillion, rivaling traditional safe-haven assets in total value.

Australian investors have multiple avenues for Bitcoin exposure, including local ETFs and direct holdings. However, Fink cautioned investors against overallocation.

I don’t believe it should be a large component of your portfolio,” he noted during the 60 Minutes segment.

Institutional Dominance Grows

BlackRock isn’t alone in embracing crypto. JPMorgan, Goldman Sachs, and other Wall Street giants now offer digital asset services to clients.

This institutional adoption represents a seismic shift from cryptocurrency’s early days as a fringe technology favoured by libertarians and tech enthusiasts.

Major sovereign wealth funds reportedly allocate between 2-5% of their portfolios to Bitcoin, according to Fink’s previous statements. At a January 2025 World Economic Forum appearance in Davos, he suggested Bitcoin could reach $1 million if this allocation pattern becomes standard.

The projection sparked debate among analysts. Critics dismiss such forecasts as promotional hype. Supporters argue institutional demand will inevitably drive scarcity-driven price discovery.

What’s Next for Bitcoin and BlackRock

Fink’s endorsement arrives as Bitcoin faces critical junctures. Regulatory frameworks remain incomplete in many jurisdictions. Environmental concerns about mining persist despite industry shifts toward renewable energy.

Yet mainstream acceptance accelerates. The Trump administration’s pro-crypto stance and potential legislation favorable to digital assets could further legitimize the sector.

BlackRock continues expanding its crypto footprint beyond Bitcoin. The firm recently filed for an Ethereum ETF and explores blockchain technology applications across traditional finance.

Also Read: What Every Australian Must Know About the 31 October Tax Deadline

The Bottom Line

Larry Fink’s 60 Minutes interview marks more than personal evolution; it signals Wall Street’s wholesale reassessment of Bitcoin’s role in modern portfolios.

Whether Bitcoin ultimately matches gold’s centuries-long track record remains uncertain. But with $18 trillion asset managers now calling it comparable, dismissing digital currencies as mere speculation becomes increasingly difficult.

For investors, Fink’s message is clear: Bitcoin deserves consideration as portfolio diversification, though not as a core holding.

The markets have spoken. Now it’s up to individual investors to decide if they agree.

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