Bitcoin Viewed as a 'Panic Asset' Amid Global Uncertainty, Says BlackRock CEO

According to PANews, BlackRock CEO Larry Fink described Bitcoin as a 'panic asset' during the DealBook Summit, suggesting that people purchase it due to concerns over fiat currency devaluation, financial instability, and geopolitical crises. Fink emphasized that Bitcoin is not a traditional 'hope asset' but gains popularity during periods of increased market uncertainty. Currently, BlackRock's Bitcoin ETF (IBIT) manages assets worth approximately $80 billion, holding over 780,000 BTC. He also mentioned that sovereign funds are quietly increasing their holdings at high levels. However, Fink cautioned that Bitcoin's high volatility and susceptibility to leveraged funds make it unsuitable for short-term trading.