Larry Fink Says Markets Changed His Mind on Bitcoin

BlackRock CEO Larry Fink has reversed his earlier skepticism toward Bitcoin, admitting he misjudged the cryptocurrency’s long-term potential. Speaking in an interview with 60 Minutes, the head of the world’s largest asset manager said that while he once viewed Bitcoin as a tool for criminals, his perspective has shifted as the market matured.

Good to Know

• Fink now compares Bitcoin’s role in portfolios to that of gold.
• He still cautions investors against making crypto a major holding.
• The BlackRock chief also advocates expanding 401(k) access to private investments.

“We were talking about Bitcoin then. It was a domain of money launderers and thieves,” Fink said. “But you know, the markets teach you: you have to always relook at your assumptions.”

From Skeptic to Supporter

Fink’s comments mark a clear evolution from his earlier stance, when he dismissed Bitcoin as speculative and dangerous. Now, after years of institutional adoption and regulatory progress, he acknowledges crypto’s emerging role as a legitimate asset class.

“There is a role for crypto in the same way there’s a role for gold,” he explained. “It’s an alternative for those looking to diversify. This is not a bad asset but I don’t believe that it should be a large component of your portfolio.”

BlackRock, which manages more than $10 trillion in assets, has been among the traditional financial institutions leading the push into digital assets. Its spot Bitcoin ETF approval earlier this year reinforced mainstream credibility for crypto investments, signaling a broader shift in Wall Street’s approach.

Fink also touched on broader investment strategy, urging Americans to diversify through private markets and long-term opportunities. He suggested allowing 401(k) retirement accounts to include private equity, startup investments, artificial intelligence projects, and data centers.

“What the markets will teach you over the last 100 years, even at the worst moments, if you have the ability to persevere and you have a long-term horizon, you’re going to do fine and a diversified portfolio is essential,” Fink said.