BlackRock CEO Larry Fink Compares Crypto to “Digitizing Gold”; Praises Bitcoin as an “International Asset”

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Larry Fink, CEO of BlackRock, was fond of cryptocurrencies and Bitcoin and especially the digitalization of gold while praising Bitcoin as an international asset in an interview with Fox Business today.

fink said:

Bitcoin is not based on a single currency, and so it can represent an asset that people can play as an alternative. Its digitized gold in many ways. Instead of investing in gold as a hedge against one country’s onerous problems or the devaluation of your currency from whatever country you are in, Bitcoin is an international asset.

The outlook contrasts with Finks’ comments at the New York Times Dealbook conference in 2018. At the time, he expressed caution towards the cryptocurrency industry, saying it needed time to mature and become legit before BlackRock considers trading crypto assets or launching crypto assets. AND F.

Fink also expressed concerns at the time about the lack of regulation and support for crypto-assets, suggesting they should be backed by a government before BlackRock gets involved.

Fast forward to today, and BlackRock finds itself at the forefront of efforts to synthesize crypto markets with more traditional ones. In June, the company filed plans with the U.S. Securities and Exchange Commission (SEC) to create a spot Bitcoin ETF through its iShares subsidiary.

The filing marked a significant shift in the financial landscape, as no spot Bitcoin ETFs have ever been approved by the SEC due to concerns about market manipulation and lack of oversight on many cryptocurrency exchanges. Despite these challenges, BlackRocks’ move has sparked a flurry of institutional interest, with a Laser Digital survey revealing that 96% of professional investors want to invest in crypto.

Recent comments from Finks and continued efforts from BlackRocks signal a growing acceptance of cryptocurrency within the financial industry.

While the path to SEC approval for a spot Bitcoin ETF remains unclear, Finks’ change in outlook from five years ago underscores the rapidly changing landscape of cryptocurrency. His comments today reflect a belief in Bitcoin’s potential as an international asset, not pegged to a single country, and an investment tool for a better future. This raises the question of whether BlackRocks is moving the signal this summer that it now considers cryptocurrency to be legitimate.

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