The latest statement by Larry Fink hinted that he is eagerly waiting for big pumps in the trade price of Bitcoin (BTC).
Larry Fink is the CEO of the world’s top fund manager, BlackRock. Thanks to the leadership of BlackRock and another digital assets fund manager, Grayscale, which helped launch Bitcoin spot ETF products in the American stock market. Fink was once a big critic of Bitcoin. Seven years ago, Fink called Bitcoin an “index of money laundering.”
Larry Fink in 2017: Bitcoin is an "Index of money laundering"Larry Fink in 2024: Bitcoin a "legitimate financial instrument" pic.twitter.com/OqylgZItTE
— ₿ 🅂🄰🅃🄾🅂🄷🄸🧑💻⛓️ (@minnnale) September 22, 2024
In a recent interview with CNBC, BlackRock CEO Larry Fink talked about Bitcoin (BTC). He expressed his belief that Bitcoin is a legitimate financial instrument that can provide uncorrelated returns. He noted that Bitcoin is an asset people tend to invest in during times of fear and added that he strongly believes Bitcoin has a role in investment portfolios.
🇺🇸 FINK: "I believe #Bitcoin is a legitimate financial instrument that allows you to have uncorrelated type of returns, I believe that it is an instrument that you invest in when you're more frightened of. I'm a major believer that there is a role for Bitcoin in portfolios." pic.twitter.com/HKtUEnxgsn
— Cointelegraph (@Cointelegraph) September 21, 2024
Fink vs Bitcoin
It is worth noting that Fink changed his stance on Bitcoin and cryptocurrencies in late 2023, following BlackRock’s disclosure of plans to launch Bitcoin spot ETF products.
In 2018, Fink called Bitcoin speculative and said Bitcoin’s popularity was based more on speculation than on solid financial fundamentals. At the time, he emphasized that BlackRock had no interest in dealing with Bitcoin due to its volatile nature.
In the same year, Fink asserted that its usefulness in everyday transactions was limited and questioned its long-term sustainability as a reliable store of value. Later, the BlackRock CEO raised concerns about the lack of regulatory oversight around Bitcoin and other cryptocurrencies. Considering all these factors, Fink said that without proper regulation, BlackRock would not consider Bitcoin a suitable investment for their clients.
Read also: PayPal Executive Declares Ethereum Unfit for Payments, Endorses Solana as Superior Solution
