{"id":20814,"date":"2024-07-16T21:25:11","date_gmt":"2024-07-16T21:25:11","guid":{"rendered":"https:\/\/buycrypt.com\/blog\/?p=20814"},"modified":"2026-07-14T15:51:17","modified_gmt":"2026-07-14T15:51:17","slug":"blackrock-ceo-explains-why-hes-no-longer-a-bitcoin-skeptic","status":"publish","type":"post","link":"https:\/\/buycrypt.com\/blog\/en\/blackrock-ceo-explains-why-hes-no-longer-a-bitcoin-skeptic\/","title":{"rendered":"BlackRock CEO Explains Why He\u2019s No Longer A Bitcoin Skeptic"},"content":{"rendered":"

Larry Fink now views Bitcoin as an opportunity to invest \u201coutside your country\u2019s control.\u201d<\/strong><\/em><\/p>\n

BlackRock CEO Larry Fink spoke on Monday on why he was wrong to be a skeptic on Bitcoin and crypto before properly studying the asset class.<\/p>\n

His firm\u2019s newly published Q2 earnings showcased a record $10.65 trillion AUM for the investment manager, in small part thanks to inflows to its Bitcoin ETF product launched in January.<\/p>\n

Larry Fink\u2019s Bitcoin Awakening<\/h2>\n

\u201cAs you know\u2026 I was a proud skeptic,\u201d said Fink during an interview with CNBC\u2019s Jim Cramer on Monday. \u201cI studied it, learned about it, and I came away saying, ok, my opinion five years ago was wrong.\u201d<\/p>\n

Back in 2017, Fink referred to Bitcoin as an \u201cindex of money laundering,\u201d considering it Bitcoin\u2019s only real use case. SkyBridge Capital co-founder Anthony Scaramucci has claimed he met Fink back in 2021, who still called Bitcoin \u201cstupid\u201d at the time.<\/p>\n

Two years later, the entire crypto industry was plagued with lawsuits from the Securities and Exchange Commission (SEC), whose chair holds a view on Bitcoin that mimics Fink\u2019s old perspective to this day. Yet it was only weeks after the SEC filed back-to-back lawsuits against Coinbase and Binance that BlackRock filed for its iShares Bitcoin Trust (IBIT) in June 2023, now the largest Bitcoin ETF in the world.<\/p>\n

According to Fink, Bitcoin is a \u201clegitimate financial instrument\u201d that can offer uncorrelated returns \u2013 even if its technology can sometimes be used nefariously.<\/p>\n

\u201cI believe it is an instrument that you invest in when you\u2019re more frightened,\u201d he continued. That includes when one is fearful that their country is rapidly debasing their currency through excess deficits, which \u201csome countries are,\u201d he said.<\/p>\n

Escaping The Financial System<\/h2>\n

He also claimed it allows holders to invest outside of their government\u2019s control offering them more financial independence.<\/p>\n

\u201cI am a major believer that there is a role for Bitcoin in portfolios,\u201d he concluded. \u201cI believe there is a great industrial use for it and I think a lot of people are missing that.\u201d<\/em><\/p>\n

As of Friday, BlackRock\u2019s Bitcoin ETF held $18.3 billion in Bitcoin on behalf of clients, dwarfing the former king Grayscale\u2019s $15.7 billion AUM.<\/p>\n

Based on that figure, IBIT has enjoyed $4.4 billion since the end of Q1, despite Bitcoin\u2019s price having fallen ~14% since that time. In total, BlackRock received $82 billion in fresh flows across all asset types in Q2.<\/p>\n

Source: www.cryptopotato.com<\/p>\n

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