BlackRock CEO Larry Fink Praises Bitcoin Will Be More Powerful Than Governments

Key Points:

• BlackRock CEO Larry Fink sheds skepticism, praising Bitcoin’s role against government control.
• SEC’s approval of 11 Bitcoin ETFs, including BlackRock’s, results in a $4.6 billion influx on day one.
• Fink’s endorsement highlights increasing acceptance; Ether ETFs speculated as traditional assets may tokenize.

In a notable shift, BlackRock CEO Larry Fink shed his crypto skepticism, emphasizing Bitcoin’s role as a safeguard against authoritarian governments.

BlackRock CEO Larry Fink Embraces Bitcoin as SEC Greenlights ETFs

BlackRock CEO Larry Fink, during a media tour, lauded Bitcoin’s approval by the SEC for 11 spot Bitcoin ETFs, heralding it as a store of value and a tool to combat economic government manipulation.

Fink, once doubtful about Bitcoin’s practicality for everyday transactions, reiterated on Fox Business that it should be perceived as an asset class rather than a currency. This marks a significant departure from his 2017 stance when he, alongside JP Morgan CEO Jamie Dimon, criticized Bitcoin, labeling it an “index of money laundering.”

In a January 11 interview, Fink clarified his evolving perspective, stating, “I don’t believe it’s ever going to be a currency. I believe it’s an asset class.”

The SEC’s recent approval of BlackRock‘s spot Bitcoin ETF application, along with ten others, is reshaping the crypto landscape. On the first day, Bitcoin ETFs witnessed a staggering $4.6 billion in total flows, encompassing funds entering the market, leaving, or switching products.

As the crypto market adapts, attention is turning to the potential introduction of Ether ETFs. Observers speculate that the proliferation of crypto ETFs could pave the way for tokenizing traditional assets like stocks and bonds. Larry Fink’s endorsement further underscores the growing acceptance of cryptocurrencies within traditional financial circles.