BlackRock CEO Larry Fink reveals sovereign wealth funds are buying Bitcoin for the long term
Key Takeaways
- BlackRock CEO said sovereign funds are establishing multi-year Bitcoin positions.
- This underscores a measured integration of crypto into sovereign wealth fund strategies.
Larry Fink, CEO of BlackRock, revealed that sovereign wealth funds are incrementally buying Bitcoin at various price levels, building long-term positions rather than trading for short-term gains.
“They’re adding incrementally at 120, 100. I know they bought more in the 80s,” said Fink during a panel discussion at The New York Times DealBook Summit. “They’re establishing a longer position, and you own it over years. This is not a trade. You own it for a purpose.”
Fink has evolved from a Bitcoin skeptic to recognizing it as a potential portfolio asset, aligning with BlackRock’s leadership in crypto-related products. The firm has recently expanded into crypto investments and asset tokenization.
Recent reports indicate that sovereign wealth funds are quietly building strategic Bitcoin reserves, boosting their positions even as prices fluctuate. The funds view the digital asset as a hedge against traditional financial uncertainties.
