- Although BlackRock CEO Larry Fink has previously criticized Bitcoin, he now approaches the crypto asset with a different perspective.
- The CEO of BlackRock also stated that the company aims to “democratize” Bitcoin and other crypto assets, making them cheaper and more accessible to investors.
- Fink described cryptocurrency as digital gold and referred to Bitcoin as an “international asset,” noting that he does not own any BTC.
The change in Fink’s negative views on Bitcoin, as the CEO of the world’s largest asset manager, has generated excitement within the community.
Fink Approaches Bitcoin with a Different Perspective
BlackRock CEO Larry Fink, despite previously criticizing Bitcoin, now approaches the crypto asset with a different perspective and aims to make the largest crypto asset more accessible for investors.
In an interview, Larry Fink expressed hope that the U.S. Securities and Exchange Commission (SEC) will approve BlackRock’s recent spot Bitcoin exchange-traded fund (ETF) without providing detailed information on it.
The asset manager has a history of successful ETF applications and hopes for a green light for the Bitcoin ETF by working with regulators. Regarding regulators, Fink stated:
“We have a good history of working well with regulators and trying to make sure we’re doing everything we can to understand any of the issues with any applications. […] We hope that one day we can work with regulators and get them comfortable with the applications, and I don’t know when that day will be, but we will see how it evolves.”
Fink also mentioned that BlackRock aims to “democratize” Bitcoin and other crypto assets, making them cheaper and more easily accessible for investors, as investing in BTC is currently expensive. Fink hopes that regulators will view these applications in terms of democratizing crypto.
The $9 trillion asset management company recently submitted a Bitcoin ETF application to the SEC, and other major players like Invesco and Fidelity have followed suit. The SEC, which has not yet approved such an application, stated that the recent applications lacked sufficient information, prompting BlackRock to file a new Bitcoin ETF application.
Larry Fink Considers Bitcoin an Alternative Asset
Fink described cryptocurrency as digital gold and referred to Bitcoin as an “international asset,” stating that he does not own any BTC and said:
“Rather than investing in gold as a hedge against inflation or troubled problems of any one country or devaluations of any one currency, let’s be clear, Bitcoin is an international asset that is purely speculative and can be used as an alternative to currency.”
The change in BlackRock’s CEO’s perspective on Bitcoin, the largest crypto asset by market value, is notable as he previously referred to Bitcoin as an “index of money laundering.” Fink had also stated before that his company would not have a Bitcoin ETF until the cryptocurrency sector was legitimate.
Meanwhile, BlackRock’s Bitcoin ETF application and Fink’s positive comments about BTC indicate an increasing institutional interest in crypto among major financial firms.
