BlackRock’s Larry Fink says he was wrong, calls Bitcoin digital gold

BlackRock CEO Larry Fink said in a CNBC interview with Jim Cramer that he was "wrong" about Bitcoin, calling it "digital gold" and a "legitimate" financial instrument after previously being a self-described "proud skeptic." Fink said Bitcoin allows investors to potentially earn uncorrelated returns and described it as an instrument people invest in when more frightened, particularly when countries debase their currencies through excess deficits. The article notes that BlackRock's iShares Bitcoin Trust (IBIT) overtook Grayscale Bitcoin Trust (GBTC) as the largest Bitcoin ETF in May, with year-to-date inflows topping $18 billion as of July 15.