[BlackRock CEO Calls Bitcoin a 'Fear Asset']
BlackRock CEO Larry Fink stated at the DealBook Summit on December 3 that Bitcoin is a 'fear asset.' He believes that people hold Bitcoin out of fear for personal and financial security, and that increased uncertainty drives Bitcoin's price higher, while diminished fear causes its price to drop. He pointed out that Bitcoin is different from the $13.5 trillion in assets managed by BlackRock, which he says represent more 'hope.' Larry Fink had previously referred to Bitcoin as an 'index of money laundering and theft' in 2017. Currently, BlackRock manages the world's largest Bitcoin ETF, holding over 780,000 Bitcoins valued at approximately $80 billion.