Summary
BlackRock CEO Larry Fink has changed his stance on Bitcoin, now viewing it as a store of value and a tool to protect against government manipulation. He acknowledged Bitcoin’s use in illicit activities but emphasized the potential long-term value of the cryptocurrency. Fink’s change of heart comes after the SEC approved 11 spot Bitcoin ETFs, which he sees as a step towards legitimizing Bitcoin. He also expressed interest in an Ethereum ETF but declined to comment on future crypto-based ETFs. The price of Bitcoin surged following the ETF approvals but has since fallen to around $42,300.
Key Points
1. BlackRock CEO Larry Fink has changed his stance on Bitcoin and now defends it as a check against authoritarian governments. He sees Bitcoin as a store of value and a tool to counter economic government manipulation.
2. Fink’s shift in perspective began during the pandemic, and he now believes there is significant opportunity in Bitcoin. He acknowledges its use in illicit activities but emphasizes its potential as a long-term store of value.
3. Fink considers the approval of Bitcoin ETFs by the SEC as a sign of legitimization and increased safety for the cryptocurrency. He also expresses interest in an Ethereum ETF and sees these developments as stepping stones towards tokenization. However, he declines to comment on future crypto-based ETFs like Ethereum and XRP.