BlackRock chief executive officer Larry Fink says its likely the market’s reaction could still see another 20% dump.
The BlackRock CEO’s comments come as the market crash sees stocks plummet for more than 30 days straight. Crypto has also suffered in the past few weeks, with Bitcoin (BTC) dipping below $80k to touch lows last seen in early November 2024.
However, Fink, sharing his opinion during an interview with Bloomberg TV, believes the dip is for buying.
“I see it more as a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go down further…I would not be taking money off the table right now. It’s a great entry level,” he said.
According to him, macro trends across the market remain intact and are not going to change. That means opportunity in tech innovation, artificial intelligence and other U.S. sectors. Crypto is also likely to rally following the massive dump.
Earlier during the U.S. trading session, stocks rose and Bitcoin briefly edged to above $81k on what turned out to be fake news. Major accounts on X posted that White House was considering a 90-day pause on tariffs. The S&P 500 soared on the news, as did cryptocurrencies – only for the markets to give up the gains on news that this was “fake.”
Fink also commented on the potential rate increase amid the current market outlook, noting the Federal Reserve could still have this on the table. Notably, the BlackRock CEO says most of the other chief executives he’s talked to opine that the recession is on at the moment.
Bitcoin trades around $78k at the time of writing, but largely negative after the volatility experienced in the past few days.
