Bitcoin is Legit, BlackRock's Larry Fink Says

Speaking of crypto, BlackRock's co-founder and CEO Larry Fink is now embracing crypto more than ever. From a report: In an interview with CNBC on Monday, he mentioned that he had abandoned his initial skepticism of cryptocurrencies like Bitcoin. He now firmly believes that there is a place for crypto in the average investor's portfolio. "I believe Bitcoin is legitimate. I'm not saying there aren't misuses like everything else, but it is a legitimate financial instrument that allows you to have uncorrelated returns," Fink told CNBC host Jim Cramer. When asked whether the U.S. budget deficit makes a case for investing in crypto, Fink responded, "absolutely." He added that crypto can help buyers hedge against countries that are devaluing their currencies.

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