BlackRock chief executive officer Larry Fink said investors buy Bitcoin because they are "frightened of the debasement of their currency," describing the token as "digital gold" and a hedge against monetary erosion. Fink, who oversees roughly $12 trillion in assets, added in televised remarks on 25 August that he had "become a believer" in the cryptocurrency’s role in portfolios. Venture capitalist Tim Draper echoed the view in a separate CNBC interview the same day, calling Bitcoin "the only hedge against reckless government spending" and repeating his long-held forecast that the price will reach $250,000. Draper dismissed alternative tokens, saying market forces are creating a "gravitational pull" toward Bitcoin. The endorsements come as institutional ownership of the digital asset climbs. BlackRock and Michael Saylor’s MicroStrategy now control about 1.38 million Bitcoin worth roughly $155 billion, equal to 6.6 percent of the outstanding supply, according to data circulated on social media.