BlackRock CEO Larry Fink Embraces Bitcoin as a Tool Against Authoritarian Governments
BlackRock CEO Larry Fink, who was once a crypto skeptic, has now defended Bitcoin as a safeguard against authoritarian governments. During a media tour, Fink praised the recent approval of 11 spot Bitcoin ETFs by the SEC. He highlighted Bitcoin’s potential as a store of value and a means to counter economic government manipulation.
Fink’s perspective has drastically changed since 2017 when he criticized Bitcoin along with JP Morgan CEO Jamie Dimon, calling it an “index of money laundering.” However, Fink’s view began to shift during the pandemic, recognizing both the illicit use and opportunities associated with Bitcoin.
He believes that the key question now is whether people will trust Bitcoin as an asset that can transcend borders. Despite the collapse of FTX, Fink sees Bitcoin gaining legitimacy through the approval of ETFs.
Rise in Bitcoin Price Following ETF Approvals
The price of Bitcoin surged close to $49,000 following the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission. However, it later dropped to around $43,000. As of now, Bitcoin is trading slightly above $42,300 according to CoinMarketCap.
Fink Sees Value in Ethereum ETF
In an interview with CNBC’s Andrew Ross Sorkin, Fink expressed his support for an Ethereum ETF and referred to it as a stepping stone towards tokenization. However, he refrained from commenting on future crypto-based ETFs like XRP.
Hot Take: BlackRock CEO Shifts Stance on Bitcoin
BlackRock CEO Larry Fink has undergone a significant change in his perspective on Bitcoin. Previously skeptical, Fink now recognizes the potential of Bitcoin as a means to protect against authoritarian governments and economic manipulation. His support for the approval of spot Bitcoin ETFs by the SEC indicates a shift towards legitimizing Bitcoin. Despite the volatility in Bitcoin’s price following the ETF approvals, Fink remains optimistic about its future. However, he also sees value in an Ethereum ETF but declined to comment on other crypto-based ETFs like XRP.
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