Larry Finkfounder and CEO of BlackRock, the world’s largest asset manager, has admitted that he was wrong about his previous views on Bitcoin. In changing his previous stance on the pioneering cryptocurrency, the renowned CEO praised praise for cryptocurrencyhighlighting its incredible development over the years.

BlackRock CEO Admits to Misjudging Bitcoin

In the recent interview with CNBC TV, Fink publicly revealed that he was once a “proud skeptic” of Bitcoin, doubting the cryptocurrency’s value and its long-term role in the financial sector. Like many in the financial sector who underestimate the potential of BTCFink also gave the cryptocurrency a bad rap.

He revealed that his views on BTC have evolved significantly over the past five years. By spending time studying the cryptocurrency, Fink emphasized that he has come to appreciate and understand its meaning and value.

Admitting that he was wrong about Bitcoin in the past, Fink revealed that he is now a staunch supporter of the cryptocurrency. He further stated that BTC is legal digital currency and financial instrument which allows investors to obtain independent financial returns.

Continuing, the BlackRock CEO noted Bitcoin’s Key Role in the Economy different countries of the world. He stated that Bitcoin is a financial instrument that helped when countries devalued their fiat currencies through excessive deficits. He also revealed that in countries with delicate economic and financial systems, BTC serves as valid payment method and investment assets beyond the control of the country’s authorities.

Fink also called Bitcoin “digital gold”, emphasizing that cryptocurrency is a tool in which investors can express their financial knowledge. In addition, Fink believes that there is a huge industrial application for BTC, emphasizing its technological and creative potential in various sectors.

For many cryptocurrency enthusiasts, Fink’s admission that he was once a BTC skeptic may come as a surprise, given his current role as CEO of BlackRock, best Spot Bitcoin ETF providerFink’s previous stance on BTC has changed so much that he now runs a company that is now the world’s largest Bitcoin fund over $21 billion in assets under management (AUM).

BTC Critics Still Unconvinced

While Fink’s former skepticism of Bitcoin has changed dramatically, other critics of the cryptocurrency remain steadfast in their doubts. Peter Schiffa known BTC hater, recently shared another bearish price forecast for Bitcoin on X (formerly Twitter).

Sharing price chart, Schiff predicted that Bitcoin is heading towards a downtrend at $42,000, with a possible drop even lower to long-term support between $15,000 and $20,000. The chief economist has bearish forecasts constantly being issued for cryptocurrency. This skepticism likely stems from his personal aversion to the asset.

In addition, Schiff regularly compared BTC to gold, announcing September 16 that “Bitcoin is not digital gold, or even digital silver.” He also criticized the cryptocurrency, stating that it has no intrinsic value and is doomed to failure.

Featured image created with Dall.E, chart from Tradingview.com