Store of Value
Larry Fink, CEO of BlackRock, the world’s largest asset manager, believes Bitcoin has potential as a long-term store of value. He sees it as an asset that can cross borders and hedge against governments that may devalue their currencies.
Practical Uses
Fink compares Bitcoin to digital gold, highlighting its practical uses. He notes that it can be used to purchase goods and services, unlike other precious metals.
Cross-Border Transactions
Bitcoin’s international nature makes it suitable for cross-border transactions, according to Fink. He believes it surpasses the reach of any government.
BlackRock’s Involvement
BlackRock has recently amended a filing with the SEC, indicating that its Global Allocation Fund may invest in Bitcoin exchange-traded products, including its own iShares Bitcoin Trust.
Current Market Value
At the time of writing, Bitcoin is trading at $68,345.
