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BlackRock CEO Larry Fink Says Further 20% Market Drop Is Possible
Fink, who spoke at the The Economic Club of New York on Monday, said that he still sees the current drawdown as a “buying opportunity.”
Updated Apr 10, 2025, 6:11 p.m. Published Apr 7, 2025, 5:33 p.m.
What to know:
- BlackRock CEO Larry Fink warned of a possible additional 20% market drop but views the current downturn as a long-term buying opportunity, citing no systemic risk.
- He cautioned that inflation remains higher than expected and said the Federal Reserve is unlikely to cut interest rates this year despite recession concerns.
- Fink also expressed concern over bitcoin’s rising appeal, suggesting it could undermine the U.S. dollar if seen as a safer store of value.
BlackRock CEO Larry Fink said the market could see another 20% drop, but that the current drawdown is a buying opportunity in the long term as the current situation doesn’t pose systematic risk.
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“I see it more as a buying opportunity than a selling opportunity, but that doesn’t mean we can’t go down further,” Fink said during an appearance at the Economic Club of New York on Monday.
He noted that inflationary pressure is higher than market participants expect and that many already believe the U.S. to be in a recession. As a result, he does not anticipate the Federal Reserve to cut interest rates this year.
Last month, Fink published a letter to shareholders, warning about Bitcoin’s (BTC) threat to the U.S. dollar, which could weaken if Americans believe the cryptocurrency to be a safer asset than the dollar.
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Markets, including the crypto market, have been in turmoil since U.S. President Donald Trump announced a host of tariffs on goods imported to the U.S. BTC is currently trading 5% lower over the past five days and 11% lower in the past month. Stocks were hit even worse with the S&P 500 and Nasdaq down 13% and 15%, respectively.
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Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
What to know:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
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