BlackRock CEO Larry Fink today completely shed his crypto skepticism and defended Bitcoin as a check on authoritarian governments. During a day-long media tour, Fink stopped by Fox Business to discuss this landmark week in which the SEC approved 11 spot Bitcoin ETFs. Fink praised Bitcoin as a store of value and a tool to thwart government manipulation of the economy.
“Let me be clear: if you are in a country that is afraid of your government, and this is probably one of the reasons why China banned it, if you are afraid of your future, If you're in a country where you're afraid of the government, or you're afraid that the government is running too many deficits and devaluing the currency, this is a potential long-term store of value. I would say that,” he said.
His stance is very different from his position in 2017, when Fink spoke out against Bitcoin with Jamie Dimon, CEO of JPMorgan and longtime Bitcoin critic. He calls the coin a “money laundering indicator.”
Fink acknowledged today that Bitcoin is being used for illegal activities, but said his view of Bitcoin started to change during the pandemic, and told the station that there are many opportunities for Bitcoin as well. Ta.
“Three years ago, I changed my mind and came up with a different interpretation,” Fink said in the paper. interview With Fox Business anchor Charles Gasparino. “There are many benefits and many opportunities…” [Bitcoin] is a great store and a place where you can debate whether or not this is a good store. ”
Given the change of heart, Fink said the question now is whether people believe Bitcoin can be an asset that can cross borders.
Despite the FTX collapse, Bitcoin is becoming more legitimate, Fink said.
“I think the emergence of Bitcoin ETFs is an example of us justifying it. We're making it more secure,” he said.
On Wednesday, the U.S. Securities and Exchange Commission approved the first set of Spot Bitcoin ETFs, including ETFs from BlackRock, VanEck, HashDex, Grayscale, and Bitwise.
Bitcoin prices approached $49,000 on Thursday, but fell to $43,000 as excitement over ETF approval subsided. As of this writing, Bitcoin is trading at just above $42,300. coin market cap.
on another friday interview In a conversation with CNBC's Andrew Ross Sorkin, Fink said he believes there is value in the Ethereum ETF.
“I think there is value in having an Ethereum ETF,” Fink said. “As I said, these are just the first steps towards tokenization.”
But Fink balked when asked about future crypto-based ETFs like Ethereum and, more specifically, XRP, declining to comment.
“I can't,” he said, “and you don't want me to.”
Edited by Ryan Ozawa.
