BlackRock CEO Larry Fink has retracted his earlier statements criticizing Bitcoin (BTC) as a tool for money laundering and theft. Since his criticism, BlackRock has become the largest Bitcoin exchange-traded fund (ETF), with Fink evolving into a strong advocate of the premier cryptocurrency.
Larry Fink Confirms Bitcoin U-Turn
After previously taking a hard stance toward Bitcoin, Larry Fink has reiterated a change of heart toward the largest cryptocurrency. In a recent interview, the BlackRock CEO admitted that his former views on Bitcoin were wrong, and new insights have forced a shift in perspective for digital assets.
According to Fink, interactions with thousands of clients, including government leaders, as the BlackRock CEO revealed the upsides of Bitcoin. For Fink, Bitcoin is now an international asset class with the BlackRock CEO underscoring BTC’s inflation-hedging and borderless properties in several interviews.
“I had very strong views,” said Fink. “But that doesn’t mean I’m not wrong. My thought process always evolves.”
Back in 2017, Larry Fink described Bitcoin as an “index of money laundering” while dismissing it as speculation and “not a real investment.” In 2018, Fink noted that BlackRock had no interest in a Bitcoin ETF, maintaining that its clients were not keen on cryptocurrency exposure.
Starting in 2020, Fink’s public comments indicated a streak of neutrality. In multiple interviews, the BlackRock CEO acknowledged Bitcoin’s potential but raised concerns over its volatility and dire lack of regulation.
In the following years, Fink and BlackRock began paying significant attention to Bitcoin, mulling the possibilities of tokenization using blockchain technology. Things reached a crescendo in 2023 after BlackRock filed for a spot Bitcoin ETF, citing growing clients’ need for BTC exposure.
BlackRock’s IBIT Garners Widespread Interest
After the US Securities and Exchange Commission (SEC) approved BlackRock’s iShares Bitcoin Trust (IBIT) in early 2024, the ETF recorded a flying start. At the moment, IBIT is the largest spot Bitcoin ETF with over $72 billion in assets under management (AUM), reflecting massive institutional interest in the asset class.
Barely two years since its launch, Bitcoin ETFs are now BlackRock’s largest revenue drivers, surpassing revenue-generating two-decade-old products for the asset manager. For context, BlackRock manages over 1,600 ETFs globally, with IBIT on course to clinch $100 billion in AUM.
Source: https://zycrypto.com/bitcoin-vindicated-blackrock-ceo-larry-fink-eats-his-words/
