BlackRock CEO: Bitcoin Is Alternative to Gold

During a recent earnings call, BlackRock CEO Larry Fink stated that the financial behemoth views Bitcoin as an alternative to gold.

Fink has stated that BlackRock is currently engaged in conversation with various institutions about potential allocation. 

Notably, Fink has also stated that "the application of this form of investment will be expanded to Ethereum." 

In January, BlackRock launched its high-flying Bitcoin ETF, helping to propel the price of the flagship cryptocurrency to its current record high. In July, it also went on to launch an Ethereum ETF. While the latter attracted relatively modest inflows, it is still considered to be a moderate success. 

Digital assets and the mortgage market 

Notably, Fink has drawn parallels between digital assets and the $11 trillion mortgage market. He noted that the former was off to a slow start, but BlackRock was able to achieve a broadening of the market due to the introduction of better analytics and data. Fink is convinced that the same scenario will play out with cryptocurrencies. 

Bitcoin ETFs see massive inflows 

Fink's recent statement coincided with Bitcoin ETFs recording massive inflows. On Monday, they attracted as much as $550 million worth of fresh money. BlackRock's IBIT attracted $79.5 million worth of inflows, finishing in third place. Fidelity's FBTC ended up being in first place with $239.3 million. Bitwise's BITB was in a distant second place with $101.1 million. 

Oct. 14 turned out to be one of the best days for these products since their debut in January.