BlackRock CEO Larry Fink stated that cryptocurrency has a place in portfolios similar to gold, marking a shift from his past criticisms. This comes amid President Donald Trump's signing of the GENIUS Act, which establishes regulations for digital assets. The legislation aims to provide guardrails tying cryptocurrencies to stable currencies like the U.S. dollar or gold.
In a recent interview with 60 Minutes on CBS News, Larry Fink, CEO of BlackRock—the world's largest money manager overseeing over $12 trillion in assets—endorsed cryptocurrency's legitimacy. "There is a role for crypto the same way there is a role for gold," Fink said. He added, "For those looking to diversify, it is not a bad asset, but I don’t believe that it should be a large component of your portfolio."
This positive stance contrasts with Fink's earlier dismissal of Bitcoin as an "index of money laundering," as reported by Yahoo Finance. BlackRock's involvement in crypto deepened in 2024 when it launched spot Bitcoin exchange-traded funds (ETFs) following approval from the Securities and Exchange Commission.
Fink's comments coincide with significant legislative progress for cryptocurrencies. Earlier this year, President Donald Trump signed the GENIUS Act into law after its passage by Congress. The bill, introduced in the Senate by Tennessee Republican Sen. Bill Hagerty, passed the House 308-122. It seeks to impose guardrails on digital assets by linking them to established currencies such as the U.S. dollar or gold.
At the signing, Trump highlighted the crypto industry's struggles: "The entire crypto community for years, you were mocked and dismissed and counted out, you were counted out, as little as a year and a half ago. But this signing is a massive validation."
These developments signal growing mainstream acceptance of cryptocurrencies, potentially influencing investor strategies and regulatory frameworks.