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Blackrock says Bitcoin is Digital Gold (Eruptions Market Report 7-5-23)

In an interview with Fox Business on Wednesday, Larry Fink, the CEO of BlackRock (BLK), expressed his belief that cryptocurrency, particularly bitcoin (BTC), has the potential to revolutionize the financial system.

Fink stated, "We are of the opinion that if we can increase the tokenization of assets and securities – which is essentially what bitcoin represents – it could bring about a significant transformation in the field of finance." Despite previously being skeptical about crypto, Fink had previously suggested that enthusiasts of this asset class predominantly utilized it for illicit purposes.

Expanding on his views, Fink added, "Rather than investing in gold as a hedge against inflation or the challenges faced by a specific country, or the devaluation of a particular currency in any given country, it is important to understand that bitcoin is a global asset. It is not tied to any specific currency, thereby providing an alternative asset for individuals to consider."

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