“I have studied Bitcoin and now I can confidently say that I was wrong… I am sure that many people today are making the same mistake I once made. Bitcoin is a legitimate financial instrument that definitely should be in your portfolio,” Fink stated. He also referred to Bitcoin as digital gold.
In the movie “The Big Short,” which is about the financial crisis of 2007-2008, it is clearly shown that rating agencies, including Standard & Poor’s, gave high ratings to financial organizations in exchange for monetary compensation. These ratings did not reflect the actual state of affairs. Subsequently, a crisis erupted in the lending and real estate markets, but the reputation of these institutions somehow remained intact.
