BlackRock CEO Larry Fink: The Person of the Year for Crypto Investors
No topic has brought more hope to the crypto community in 2023 than the possibility of a Bitcoin ETF. And one person, BlackRock CEO Larry Fink, has played a crucial role in making that dream a reality. For over a decade, crypto investors have eagerly anticipated the approval of a Bitcoin ETF, which would open the floodgates for institutional assets to enter the market. However, it seemed like a lost cause after repeated rejections from the SEC. But Fink and BlackRock changed the game by filing an application for their iShares Bitcoin Trust with the SEC and publicly endorsing Bitcoin on national television.
Larry Fink’s Journey with Crypto
Fink’s initial skepticism towards Bitcoin, including his comments on money laundering, should not overshadow his recent support for the crypto industry. The fact that BlackRock is now willing to dive into this space and stake its reputation is commendable. Fink’s background includes his success in mortgage-backed securities, which ironically played a role in the 2008 financial crisis. BlackRock’s acquisitions post-crisis and Satoshi Nakamoto’s message in the Bitcoin genesis block further connect Fink to the crypto world.
The Rise of BlackRock
BlackRock became the largest asset manager globally in 2009 and currently oversees $8.5 trillion. Fink’s leadership has been instrumental in its growth and influence. However, BlackRock has faced controversies related to environmental concerns, housing issues, and diversity and inclusion. Despite these challenges, BlackRock’s pursuit of a spot Bitcoin ETF has sparked optimism within the industry.
Fink’s About-Face on Bitcoin
Fink’s change of heart regarding Bitcoin has received significant attention. His endorsement of Bitcoin as “digitizing gold” is seen as a full-throated endorsement by industry experts. Crypto asset manager 3iQ sees BlackRock’s pursuit of a Bitcoin ETF as a coordinated effort to institutionalize Bitcoin in a compliant manner. Other institutions, like CoinShares, are also positioning themselves for the potential approval of a Bitcoin ETF.
Waiting for Approval
The SEC has given itself extensions to make a decision on the iShares Bitcoin Trust application. Analysts believe there is a high chance of approval before January 10. The crypto community eagerly awaits the decision, with prices soaring and speculation rampant. The window for a decision is expected to be from January 8 to January 10. This moment marks an interesting inflection point, forcing people to reconsider their assumptions about crypto adoption.
Hot Take: Larry Fink’s Impact on Crypto
Larry Fink, CEO of BlackRock, has emerged as a key figure in the crypto industry’s quest for a Bitcoin ETF. His support and endorsement have brought new hope and excitement to investors. While Fink was initially skeptical of Bitcoin, his evolving relationship with crypto has paved
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