Larry Fink believes Bitcoin is poised to soar regardless of who occupies the Oval Office.
BlackRock $BLK CEO Larry Fink said today that Bitcoin $BTC will become as big as the entire U.S. housing market, valued over 50 trillion
10/14/2024
While many analysts attribute the $1.2 trillion asset's growth to regulatory factors, the BlackRock CEO sees its rise driven by improved analytics and greater acceptance among investors.
"I don't think it matters which president is in office," Fink said during BlackRock's third-quarter earnings call on Friday. "I truly believe it's not about regulation—it's about liquidity and transparency."
Fink likened Bitcoin's trajectory to that of other financial markets, saying, "Years ago, when we started the mortgage market or when the high-yield market emerged, it started off very slow." Although he didn't specify which mortgage initiative he was referencing, Fink suggested that cryptocurrencies, much like other new financial products, often experience slow growth until they achieve scale. For instance, over a decade ago, BlackRock observed limited demand for distressed mortgage assets during a housing slump.
Fink's remarks align with BlackRock's stance on Bitcoin, positioning it as a "flight to safety" asset, similar to digital gold, as a hedge during periods of market volatility.
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