Larry Fink said Monday that a rally in bitcoin triggered by a fake news served as an example of the 'pent up interest in crypto.'
BlackRock CEO Larry Fink said Monday that a rally in the price of bitcoin triggered by a false news report about the approval of a spot ETF served as an example of the "pent up interest in crypto."
"Some of this rally is way beyond the rumor," Fink said in an interview on Fox Business. "I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism. I think there's more people running into a flight to quality, whether that is in Treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality.
While bitcoin declined from its daily peak after the false report was debunked, the world's biggest cryptocurrency by market capitalization held onto some gains, rising 4.8% over the past day to $28,505 at 4:44 p.m. ET, according to CoinGecko. It's up 7.4% over the past month, and a solid 47.4% over the past year amid excitement over the prospect of a spot ETF. Fink has in recent months become a proponent of bitcoin, repeatedly highlighting its role as a sort of "digitizing gold.
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