Who is Larry Fink? His Opinions on Bitcoin, Explained

BlackRock CEO, Larry Fink, has played a significant role in shaping the narrative around Bitcoin and cryptocurrencies. His opinions on the subject have evolved dramatically over the years, from initial skepticism to a more recent embrace of Bitcoin as a legitimate financial instrument.

In this article, we will explore Larry Fink's journey from Bitcoin skeptic to advocate, looking into his previous opinions on the cryptocurrency and how they have shifted over time. We will also examine the significance of the BlackRock Bitcoin ETF (IBIT) and its potential impact on investor sentiment.

Before We Get Started

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Who is Larry Fink?

Larry Fink is the co-founder and CEO of BlackRock, the world’s largest asset management firm. His career began in the 1970s with First Boston, where he played a pivotal role in developing the mortgage-backed securities market. In 1988, Fink co-founded BlackRock, which has since grown into a global powerhouse in investment management, overseeing trillions of dollars in assets. Fink's changing stance on Bitcoin has had a profound impact on investor sentiment and the broader adoption of cryptocurrencies.

What is BlackRock?

What is BlackRock? Blackrock is a global leader in investment management, renowned for its vast scale and influence in the financial industry. Founded in 1988 by Larry Fink and a group of partners, the firm has grown to become the world’s largest asset manager, overseeing trillions of dollars in assets across various investment strategies and asset classes.

Larry Fink’s Evolving Opinions on Bitcoin

Initial Skepticism

When Bitcoin first emerged on the scene in 2009, BlackRock CEO Larry Fink, viewed the cryptocurrency with skepticism. In a 2017 interview with CNBC, Fink expressed his concerns about Bitcoin, stating, "Bitcoin just shows you how much demand for money laundering there is in the world."

At the time, Fink's comments reflected a broader sentiment among mainstream financial institutions that Bitcoin was primarily used for illicit activities and lacked the stability and legitimacy of traditional assets. The regulatory environment surrounding cryptocurrencies was also uncertain, with many governments and central banks unsure of how to approach this new financial innovation.

In a 2018 letter to BlackRock shareholders, Fink reiterated his concerns about Bitcoin, arguing that it was "an index of money laundering." He also questioned the cryptocurrency's ability to serve as a store of value, stating, "Bitcoin is not a real investment."

Shift in Perspective

Larry Fink’s views on Bitcoin have evolved significantly as the cryptocurrency landscape matured. Initially skeptical, Fink's perspective began to shift due to several key factors.

Growing Institutional Interest

The rising interest from major financial institutions and asset managers in cryptocurrencies played a significant role. As these institutions explored digital assets, it became clear to Fink that Bitcoin was gaining recognition as a legitimate asset class.

Market Developments

Bitcoin’s impressive price surges and its increasing role as a hedge against inflation and currency devaluation further influenced Fink. The growing public and media attention made it harder for traditional financial leaders to ignore its potential.

Personal Research and Engagement

Fink’s deeper engagement with the technology behind Bitcoin and blockchain also contributed to his changing views. He began to appreciate the transformative potential of digital currencies and their role in creating a more transparent financial system.

By 2020, Fink acknowledged Bitcoin as a "global asset," and by 2021, he referred to it as "digital gold," reflecting his newfound recognition of Bitcoin’s value. This shift in perspective was solidified with the 2024 launch of BlackRock’s Bitcoin ETF, highlighting the broader trend of institutional acceptance of cryptocurrencies and underscoring Bitcoin’s growing role in the financial landscape.

The BlackRock Bitcoin ETF (IBIT)

BlackRock, the world's largest asset manager, made a significant move into the cryptocurrency space in January 2024, with the launch of the iShares Bitcoin Trust (IBIT), a spot Bitcoin exchange-traded fund (ETF). The BlackRock Bitcoin ETF (IBIT) made history by reaching $10 billion in assets under management (AUM) just seven weeks after launching, reflecting strong investor demand for a Bitcoin ETF from a major issuer like BlackRock.

The ETF provides investors with a regulated and accessible way to gain exposure to Bitcoin. It is designed to track the price of Bitcoin, offering a secure and transparent means for institutional and retail investors to invest in the cryptocurrency without directly holding the asset. The primary objective of the BlackRock Bitcoin ETF is to offer a stable and convenient investment vehicle that mirrors the performance of Bitcoin. The ETF is structured to hold Bitcoin assets in a secure custody arrangement, ensuring both regulatory compliance and investor protection.

BlackRock Bitcoin ETFs Affect on Bitcoin’s Legitimacy

The launch of the BlackRock Bitcoin ETF has had a profound impact on Bitcoin's legitimacy. By entering the market with such a high-profile product, BlackRock has helped validate Bitcoin as a legitimate investment asset. The ETF's introduction has been seen as a strong endorsement of Bitcoin's role in the financial system, contributing to its acceptance as a legitimate and viable asset class. The BlackRock Bitcoin ETF has influenced investor sentiment significantly. The ETF’s launch has led to increased interest and investment in Bitcoin, both from institutional investors and retail participants.

The Role of BlackRock and Larry Fink in Shaping Investor Sentiment

Larry Fink’s evolving views on Bitcoin and BlackRock’s strategic involvement have played an important role in shaping institutional adoption of digital assets. Fink’s initial skepticism gave way to a supportive stance, leading to BlackRock’s launch of the Bitcoin ETF (IBIT). This shift has had a ripple effect across the financial industry, encouraging other institutions to explore and invest in cryptocurrencies. Fink’s endorsement of Bitcoin, along with BlackRock’s Bitcoin ETF, has contributed to a more favorable view of digital assets, creating a broader acceptance within the market.

How to Buy Bitcoin Using Trust Wallet

You can buy crypto, including Bitcoin, using Trust Wallet, via our trusted partners. Here’s how:

• Select “Buy” from the home screen.

• Search for “Bitcoin” or “BTC” and select it.

• Choose the currency you want to use, then enter the amount of BTC you want to purchase.

• Select the third party provider & payment method you’d like to use.

• Select the Buy button and complete the remaining steps.

How to Deposit Bitcoin to Your Trust Wallet Address

In addition to buying BTC using Trust Wallet, you can also deposit BTC from another Bitcoin wallet or from a centralized exchange. Here’s how:

• Select “Receive” from the home screen.

• Search for “Bitcoin” or “BTC” and select it.

From here you have two options. You can either:

1. Copy your deposit address and use that on your exchange account or other wallet to send funds to.

2. Use the “Deposit from exchange” option to deposit crypto from your exchange account.

Remember that in addition to BTC, Trust Wallet lets you manage and interact with 10M+ crypto assets across 100+ blockchains. Download the latest version of Trust Wallet today.

Disclaimer: Content is for informational purposes and not investment advice. Web3 and crypto come with risk. Please do your own research with respect to interacting with any Web3 applications or crypto assets. View our terms of service.

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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.