BlackRock CEO Larry Fink reversed his stance on Bitcoin, acknowledging his earlier skepticism was misguided after thorough study.
BlackRock’s Bitcoin ETF launched in January contributed to a record $10.65 trillion in assets under management for the investment giant.
As of Friday, BlackRock’s Bitcoin ETF held $18.3 billion in Bitcoin, surpassing Grayscale’s $15.7 billion assets under management.
Larry Fink, CEO of BlackRock, admitted on Monday that he had been mistaken about Bitcoin and other cryptocurrencies. He said that his perspective had changed after he discovered more about the assets.
BREAKINGCEO of BlackRock says he was a sceptic of #Bitcoin but studied it and came to the conclusion his opinion was wrong.He says #Bitcoin is a legitimate financial instrument and believes there is a need for everyone to look at it pic.twitter.com/nzi4oDi8hy
— Quinten | 048.eth (@QuintenFrancois) July 15, 2024
BlackRock’s most recent second-quarter earnings report showed a record $10.65 trillion in assets under management, attributed in part to its Bitcoin ETF product, which was launched in January.
In an interview with CNBC’s Jim Cramer, Fink admitted that his prior opinions were inaccurate. In 2017, he dismissed Bitcoin as an index of money laundering and claimed it had no use in reality.
The Securities and Exchange Commission (SEC) has taken legal action against major bitcoin businesses. The previous view of Fink on Bitcoin is similar to the current one held by the SEC. BlackRock submitted an application for the iShares Bitcoin Trust (IBIT) in June 2023 despite the lawsuits. The fund has now established itself as the world’s largest Bitcoin ETF.
Fink now views Bitcoin as a reliable investment that can provide additional returns. He feels Bitcoin is an excellent investment for people who are concerned about their country’s currency valuation. Fink additionally pointed out that investors have greater financial freedom owing to Bitcoin as it allows them to operate outside of their government’s jurisdiction.
As of Friday, BlackRock’s Bitcoin ETF had $18.3 billion in Bitcoin held for its investors, surpassing Grayscale, the previous Bitcoin ETF leader, who held $15.7 billion.
The shift in Fink’s viewpoint on Bitcoin reflects the growing acceptance of bitcoin among financial institutions. BlackRock’s major Bitcoin ETF holdings demonstrate an increasing interest in bitcoin as a valuable asset.
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