"Bitcoin Is Digital Gold" - BlackRock CEO Flip-Flops From Crypto-Hater To Advocate For 'Revolution'

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by Tyler Durden
Thursday, Jul 06, 2023 - 05:00 PM

From crypto-hater in 2017, the CEO of the world's largest asset-manager is now suddenly 'shilling' for Bitcoin just days after BlackRock's Bitcoin ETF filing...

As CoinTelegraph's Turner Write reports, Larry Fink, the CEO of BlackRock, has delivered pro-crypto remarks amid the asset manager applying to list a spot Bitcoin exchange-traded fund (ETF) in the United States.

Speaking on Fox Business on July 5, Fink said the role of cryptocurrency was largely “digitizing gold,” suggesting U.S. regulators consider how an ETF directly linked to Bitcoin could democratize finance, and has the potential to “revolutionize” the financial system.

During his time at BlackRock, Fink has often commented on major events affecting the crypto space, including the collapse of FTX in 2022 and rising interest in BTC.

“Let’s be clear: Bitcoin is an international asset,” said Fink.

“It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.”

Fink suggested that investors could turn to Bitcoin as a hedge against inflation or the devaluation of certain currencies.

As CEO of the largest asset management firm in the world, with more than $9 trillion in assets under management as of April, Fink’s pro-crypto sentiment could create ripples in and out of the space.

Many crypto users on social media reacted positively to Fink’s interview, with at least one suggesting his words could cause the price of certain assets to surge in what the user called the “Fink Pump.” At the time of publication, the BTC price was $30,473, having dropped by roughly 1% in the previous 24 hours.

Under Fink, BlackRock has attempted to launch a spot BTC ETF with cryptocurrency exchange Coinbase acting as a surveillance partner. It’s unclear if the Securities and Exchange Commission will approve the investment vehicle, given its track record of rejecting all previously filed spot BTC ETF applications to date.