PANews reported on December 5th that at the DealBook Summit, BlackRock CEO Larry Fink stated that Bitcoin is a "panic asset," bought out of fear of fiat currency devaluation, financial turmoil, and geopolitical crises. He pointed out that Bitcoin is not a traditional "hope asset," but rather favored when market uncertainty increases. Currently, BlackRock's Bitcoin ETF (IBIT) manages approximately $80 billion in assets and holds over 780,000 BTC. He also revealed that sovereign wealth funds are quietly increasing their holdings at high levels . However, Fink also warned that Bitcoin's high volatility makes it susceptible to leveraged funds and unsuitable for short-term trading.