Larry Fink, CEO of BlackRock, recently stated at the DealBook Summit that Bitcoin is characterized as a ‘panic asset,’ according to PANews. This sentiment stems from his observations about investors turning to Bitcoin due to heightened concerns regarding fiat currency devaluation, global financial instability, and geopolitical crises. Fink distinguishes Bitcoin from typical ‘hope assets’ by pointing out its surge in popularity during periods of market uncertainty. Currently, BlackRock’s Bitcoin ETF (IBIT) oversees over $80 billion in assets, with a holding of over 780,000 BTC. He further revealed that sovereign funds are discreetly increasing their Bitcoin holdings at a high rate. However, Fink cautioned against short-term trading due to Bitcoin’s inherent volatility and susceptibility to leveraged funds.