The BlackRock CEO’s Changing View on Bitcoin and Crypto
Larry Fink, the CEO of BlackRock, who previously criticized bitcoin, now has a different perspective on the cryptocurrency. He is hoping to make bitcoin more accessible and affordable for investors. While not disclosing details about BlackRock’s latest spot Bitcoin exchange-traded fund (ETF), Fink is optimistic that regulators, specifically the US Securities and Exchange Commission (SEC), will approve their application. BlackRock has a history of getting its ETF applications approved and hopes to collaborate with regulators to secure approval for their bitcoin ETF filing.
Making Bitcoin and Crypto More Democratized
Fink expressed BlackRock’s aim to democratize bitcoin and crypto, making them cheaper and easier for investors to trade. Currently, investing in BTC is expensive, and BlackRock hopes that regulators will consider their filings as a means to democratize the cryptocurrency market.
BlackRock’s Bitcoin ETF Filing
BlackRock, a $9 trillion asset management company, has filed for a bitcoin ETF with the SEC. Other major players in the industry, such as Invesco and Fidelity, have also filed for similar ETFs. However, the SEC has yet to approve any of these applications, stating that the filings lack sufficient information. As a result, BlackRock has submitted a new bitcoin ETF filing to address this issue and increase the chances of approval.
Fink’s Turnaround and Positive Comments
Despite previously calling bitcoin an “index of money laundering” and stating that BlackRock would not offer a bitcoin ETF until the crypto industry is legitimate, Fink’s viewpoint has changed. He now refers to bitcoin as an “international asset” and recognizes its potential as an alternative investment. This shift in perspective reflects the growing institutional interest in crypto among major financial companies.
Hot Take:
The change in Larry Fink’s view of bitcoin and crypto, along with BlackRock’s push for a bitcoin ETF, highlights the evolving landscape of the cryptocurrency market. As institutional players like BlackRock show increasing interest and seek approval for bitcoin-related products, it indicates a growing acceptance and adoption of crypto within the traditional financial industry.
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