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Bitcoin (BTC): BlackRock CEO turns the tables on the flagship crypto's appeal

Fri 07 Jul 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed Invest

In 2017, Larry Fink, CEO of asset management company BlackRock, was scathing about bitcoin. In particular, he criticized the crypto queen as a mafia asset, useful for laundering money. Now, his views on bitcoin’s usefulness have changed dramatically.

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BlackRock CEO praises bitcoin for its relevance

Only fools don’t change their minds, they say. Larry Fink, CEO of BlackRock, confirmed this popular adage in an interview on Wednesday, July 5. In this interview, he spoke about the importance of bitcoin (BTC).

According to him, the asset is becoming increasingly valuable from an economic and financial point of view. And the queen of cryptos is said to have gained so much importance that it could rival gold in terms of store of value.

“I think the role of crypto is it is digitalizing gold in many ways. Instead of investing in gold as a headge against inflation, let’s be clear Bitcoin is an international asset”, the CEO dropped, bluntly.

Larry Fink’s position on the usefulness of bitcoin is new, to say the least. A few years ago, in fact, the financier made some shock statements about the queen of cryptos.

“Bitcoin just shows you how much demand for money laundering there is in the world”he had criticized. A stance that made him a detractor of bitcoin and cryptos as a whole.

But the executive’s change of heart on bitcoin may not be coincidental. It may be linked to the recent news surrounding the Bitcoin ETF procedure launched by his company.

The fact that this move was formalized despite the regulator’s clear opposition to such procedures is not insignificant. At some point, Larry Fink realized the potential of this asset, so popular with investors.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.