Larry Fink is convinced of Bitcoin. It is an international asset, says the head of the world’s largest wealth manager. An accolade for the oldest cryptocurrency: After many years of disrepute, even the traditional financial sector recognizes the potential. Larry Fink was a big critic himself for a long time – and today is just a cheap copy.
The incomparable original: The entrepreneur and investor Michael Saylor. 2013 held he’s still counting the days of bitcoin. Nine years later, with MicroStrategy, he represents institutional Bitcoin adoption on a large scale. Billionaire tech entrepreneur Mark Cuban also wanted in 2019 prefer bananas to bitcoin buy. “I want bitcoin to go down a lot more so I can buy more,” he hopes today. Larry Fink learned from the mistakes of his predecessors – better late than never.
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BlackRock CEO: From Critic to Bitcoiner?
Because: The BlackRock CEO was not always convinced of Bitcoin. 2017 reported Fink still cocky: “Bitcoin just shows how big the demand for money laundering is in the world.” It took the trained banker three years to come to his senses. Bitcoin could threaten US dollar supremacy it says in 2020. Meanwhile – again three years later – Fink sees Bitcoin as digital gold.
in one Interviewed by Fox Business the 70-year-old even defends blockchain technology. “The underlying technology is fantastic. The blockchain helps to speed up the processes of transactions. If we have a pure blockchain and know who the buyers and sellers are, we no longer need intermediaries,” says Fink. A daring thesis for the head of the largest financial intermediary in the world.
Off to the Rabbit Hole
Larry Fink is not alone. The financial industry is gradually undergoing an ideological shift. A few years ago, cryptocurrencies were still considered climate killers or drug money, but nowadays the numerous potentials of Bitcoin and Co. are recognized. One thing is certain: Under Fink’s leadership, BlackRock noticed the interest of institutional investors in Bitcoin. Now they want to open up the market – with the recently submitted Bitcoin Spot ETF.
The request came as a surprise. Not just the competing asset managers, who also submitted applications in the best FOMO manner. Bitcoin itself also reacted in leaps and bounds to the bullish news – and climbed above $30,000. One thing is certain: Larry Fink is only at the beginning of an endless journey with BlackRock – into the Bitcoin Rabbit Hole.
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