BlackRock CEO: Bitcoin and cryptocurrencies "do the same thing as gold"

BlackRock CEO Larry Fink has reiterated his cautious endorsement of cryptocurrency investments, retracting his October 2017 comments that Bitcoin was a "money laundering symptom." In an interview with CBS on Sunday, Fink stated, "I did say at the time that Bitcoin was the domain of money launderers and thieves, but markets teach people, and everyone always has to re-evaluate their assumptions. Cryptocurrency, like gold, has its place; it's an alternative." However, he also urged caution, arguing that cryptocurrencies aren't bad assets for those seeking diversification, but they shouldn't comprise a significant portion of a portfolio. Fink's shift in tone aligns with a broader softening of Wall Street's stance on cryptocurrencies over the years, having previously been outright negative about Bitcoin.