According to Larry Fink, Bitcoin has caught people's attention

On Documenting Bitcoin’s Twitter profile, there’s a video of BlackRock CEO Larry Fink explaining that “Bitcoin has caught the attention and imagination of many people. They’re fascinated and excited.” As a reminder, BlackRock is the world’s largest asset manager.

Listen to the CEO of BlackRock explain, "#Bitcoin has caught the attention and imagination of many people. They are fascinated and excited." pic.twitter.com/mfKNFWXKEr

— Documenting ₿itcoin 📄 (@DocumentingBTC) June 23, 2023

Larry Fink’s view on Bitcoin has evolved

Speaking at the Council on Foreign Relations with former Bank of England Governor Mark Carney, BlackRock CEO Larry Fink declares:

“Bitcoin has caught the attention and imagination of many people. Still untested, quite small compared to other markets.” He continues, “These big giants move every day… it’s a narrow market. Can it evolve into a global market? Maybe…”

BlackRock appears to be the first major traditional asset manager to praise Bitcoin’s potential value. Larry Fink isn’t the only company executive to show interest in the queen of cryptocurrencies. His chief investment officer, Rick Rieder, told CNBC that not only is Bitcoin “here to stay“, but that it “will replace gold to a large extent”.

Will institutional investors permanently switch to Bitcoin?

BlackRock’s Chief Investment Officer seems to be predicting it. Rieder had previously stated, “I think cryptocurrency is here to stay, and I think it’s sustainable… I think digital currency and the receptivity – particularly the receptivity of millennials to technology and cryptocurrency – is real.” Speaking about the use of cryptos for payments, he adds:

“Digital payment systems are real. So, I think Bitcoin is here to stay…”

“I don’t do much with it in my wallets… But do I think it’s a sustainable mechanism that will largely replace gold? Yeah, I do because it’s so much more functional than passing around a gold bar…”

It’s clearly unusual for major investment firms to speak so openly about Bitcoin’s potential. Things are changing, especially since MicroStrategy started making a profit on Bitcoin.