Here are some updates on Bitcoin for July 2024:
Larry Fink Says Bitcoin is a Legitimate Financial Instrument
Larry Fink, BlackRock’s CEO, has undergone a notable transformation in his stance on Bitcoin. Once a self-proclaimed “proud skeptic,” Fink now views Bitcoin as “digital gold” and a legitimate financial asset. This change of heart from the leader of the world’s largest asset management firm, which manages $10.6 trillion in assets, represents a significant endorsement of Bitcoin in the traditional investment sphere.
Fink’s evolving perspective on Bitcoin is particularly noteworthy given his previous skepticism. In 2017, he referred to Bitcoin as an “index of money laundering,” Now, he sees Bitcoin as a valuable addition to investment portfolios, offering uncorrelated returns and serving as a hedge against economic uncertainty and currency devaluation.
The BlackRock CEO emphasized Bitcoin’s role as an alternative investment vehicle beyond governmental control, making it particularly attractive to investors concerned about excessive deficits and currency devaluation. Fink stated, “I’m a major believer that there’s a role for Bitcoin in portfolios,” highlighting its potential as a long-term investment option.
Mt. Gox Settlement
Kraken will distribute Bitcoin (BTC) and Bitcoin Cash (BCH) to Mt. Gox creditors within 7-14 days after receiving funds from Trustees. This distribution aims to resolve decade-long compensation issues.
