Billionaire Investor Praises Cryptocurrencies, Says He's Not A Student Of Bitcoin

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The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations
The global values of cryptocurrencies including Bitcoin have massively fluctuated over the past year partly due to Chinese regulations

Blackrock chairman Larry Fink praised the growing cryptocurrency market Wednesday while not expressing specific enthusiasm for bitcoin.

In an interview with CNBC, Fink was asked his thoughts about bitcoin after JP Morgan Chase CEO Jamie Dimon has called the cryptocurrency “fool’s gold” and “a fraud,” and said this week that it was "worthless."

Fink said he was "probably more in the Jamie Dimon camp" that bitcoin is worthless, though he quickly expressed fascination with digital currency.

“I’m not a student of bitcoin and where it’s going to go. So I can’t tell you whether it’s going to $80,000 or zero,” he said on "Squawk Box." "But I do believe there is a huge role for a digitized currency."

He called it a grew new technology while also admitting that it is a gamble. "It's going to create some big winners and some big losers," he said.

“I have more conversations with people in the street on crypto than anything,” Fink said. He said it is “fantastic” that so many people have take interest in the crypto market.

Bitcoin on Tuesday suffered its largest drop in two weeks, falling 3.5% to $55,360. As of Wednesday at 5:50 p.m. ET, bitcoin was trading at $57,578.08, up 2.77%.

Despite the recent drop, the most valued cryptocurrency is still up 90% year-to-date and hit an all-time high of $65,000 in April.

James Butterfill, a U.K.-based investment strategist at CoinShares, said the recent drop "is not a cause for concern."

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