Larry Fink now calls Bitcoin ‘digital gold’ after once calling it ‘an index of money laundering’

Larry Fink, the CEO of BlackRock, has shifted his perspective on Bitcoin from calling it "an index of money laundering" in 2017 to recognizing its "digital gold" characteristics. This transformation occurred after several years of considering Bitcoin's potential as a scarce asset investors could turn to during times of currency devaluation.

In January 2024, the U.S. Securities and Exchange Commission approved BlackRock's iShares Bitcoin Trust (IBIT) and 10 other spot Bitcoin ETFs, providing investors with a regulated way to gain exposure to Bitcoin without owning the cryptocurrency itself. By June 2025, Bitcoin had fallen below $60,000, representing a significant decline of approximately 53% from its October peak.

Despite the volatility, BlackRock suggests that a 1% to 2% allocation to Bitcoin could be reasonable for investors who believe in its widespread adoption and are comfortable with the risks associated with its price fluctuations.