Larry Fink described how he has softened his stance on crypto since calling Bitcoin an “index of money laundering” in 2017, moving to launch a spot BTC exchange-traded fund.
Larry Fink spoke alongside Coinbase CEO Brian Armstrong, describing how BlackRock's stance on crypto had evolved over the previous eight years.Larry Fink, chair and CEO of asset management company BlackRock, explained his “big shift” from associating cryptocurrencies with illicit activities to having the largest spot Bitcoin exchange-traded fund.
The BlackRock CEO said his move from associating crypto primarily with money laundering to having exposure to billions of dollars in BTC was “a very glaring public example of a big shift in opinions.”, was not entirely bullish on Bitcoin for the duration of the panel. Fink described Bitcoin as “an asset of fear,” noting that the price of the cryptocurrency had dropped amid news of a US-China trade deal and a potential end to the war in Ukraine.“If you bought for a trade, it’s a very volatile asset. You’re going to have to be really good at market timing, which most people aren’t.” Fink’s comments stand in stark contrast to those he made in October 2017, before Bitcoin’s well-known bull run that drove the price of the cryptocurrency to then all-time highs. At the time, the CEOIn the eight years since that message, BlackRock was granted regulatory approval by the US Securities and Exchange Commission to launch one of the first spot Bitcoin exchange-traded funds in January 2024. The iShares Bitcoin Trust ETF, under the ticker symbol IBIT, reached a peak value of about $70 billion.in net outflows across November, including withdrawals of about $463 million on Nov. 14 and $523 million on Nov. 18. However, BlackRock’s business development director, Cristiano Castro, said at the time that the asset manager was confident in ETFs as “liquid and powerful instruments.” Among the largest spot Bitcoin ETFs in the market are offerings from Grayscale, Bitwise, Fidelity, ARK 21Shares, Invesco Galaxy, and VanEck.How Neal Stephenson ‘invented’ Bitcoin in the ‘90s: Author interview
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Vanguard’s 50M+ clients will soon have access to crypto ETFsVanguard is set to allow its 50 million clients to trade crypto ETFs and funds tied to Bitcoin, Ether, XRP and Solana, marking a big shift for the $11 trillion asset manager.
Read more »
Multi-Asset Strategies Remain Poised for Above-Average Long-Term ReturnsMarket Analysis by covering: . Read 's Market Analysis on Investing.com
Read more »
Digital asset treasury boom stalls as flows drop to $1.3B and stocks tumbleDAT inflows fell to just $1.32 billion in November, marking a 34% drop from October and an 88% plunge from September’s peak, according to DefiLlama.
Read more »
Amazon Enters AI Arms Race Aiming to Rival Nvidia as Crypto and Risk Asset Fears MountThe pivot to AI comes with risks, including heavy borrowing and concerns about sustainability, with potential shortfalls if demand for AI slows.
Read more »
Why Texas’ Bitcoin reserve move signals a shift in government crypto policyTexas’ first Bitcoin reserve allocation marks a new phase in state-level digital asset policy. Explore what this move means for US crypto governance.
Read more »
Gensler separates Bitcoin from pack, calls most crypto ‘highly speculative’Former SEC Chair Gary Gensler told Bloomberg that cryptocurrencies, except Bitcoin, are volatile and speculative.
Read more »