Bitcoin, ethereum and crypto prices have rocketed higher over the last month as the shock flips to crypto continue to pile up.
Subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and successfully navigate the bitcoin and crypto market rollercoaster
The bitcoin price has doubled over the last six months, fueling an ethereum, BNB
Now, Larry Fink, the BlackRock chief executive who leads the world’s largest asset manager that oversees some $9 trillion worth of assets around the world, has said bitcoin and crypto could “revolutionize finance,” a remarkable shift in opinion from a man who once called bitcoin “index of money laundering,” declaring that’s “all it is.”
It’s at the start of a bull run you need up-to-date information the most! Sign up now for the free CryptoCodex—A daily newsletter for traders, investors and the crypto-curious that will keep you ahead of the market
The bitcoin price has staged a remarkable comeback so far this year, despite a slew of regulatory … [+]
Despite being initially skeptical of bitcoin because “it was heavily used for, let’s say, illicit activities,” Fink has come around to the technology and now thinks BlackRock should embrace it. “What we’re trying to do with crypto is make it more democratized, and make it much cheaper for investors,” Fink told Fox Business.
BlackRock began working with major crypto exchange Coinbase
The asset manager sent shock waves through the world of crypto with a filing for a U.S. spot bitcoin exchange-traded fund (ETF) in the middle of last month, a move that was closely followed by other finance heavyweights who expect BlackRock to carve a path through the regulatory minefield.
The Securities and Exchange Commission (SEC) reportedly rebuffed the application, calling it not “clear and comprehensive,” but Nasdaq last week refiled for BlackRock’s iShares Bitcoin Trust, suggesting the company is keen to find a route to market.
“We have a good track record working with our regulators and trying to make sure we’re thinking about all the issues around any filing,” Fink said, adding that he couldn’t get into specifics about BlackRock’s landmark spot bitcoin ETF application. “We work really closely with our regulators, and we want to hear from the regulators.”
Fink and BlackRock seem to have settled on the prevailing narrative that bitcoin is best viewed as a more modern form of gold rather than as a tool for payments.
Sign up now for CryptoCodex—A free, daily newsletter for the crypto-curious
The bitcoin price has swung wildly in recent years, surging to almost $70,000 per bitcoin before … [+]
“The role of bitcoin is digitizing gold,” Fink said. “Instead of investing in gold as a hedge against inflation or the onerous problems of any one country or the devaluation of your currency, bitcoin is an international asset and not based on any one currency and can represent an asset that people can play as an alternative. The foundation of BlackRock is about hope, you invest for retirement because you believe tomorrow is better than today.”
Fink’s comments have been cheered by many in the crypto community who see his flip to bitcoin supporter as a sign “unprecedented” levels of support could be about to hit the bitcoin and crypto market, potentially boosting the price of ethereum, BNB and XRP.
“BlackRock CEO Larry Fink’s statement that bitcoin is an ‘international asset’ that can help give clients a better future signals a new chapter for bitcoin where it is embraced by the most established and trusted names in global finance,” Alex Adelman, the chief executive of bitcoin rewards app Lolli, said in emailed comments.
“As global institutions continue to show their faith in bitcoin as a preferred store of value, we will see bitcoin rise to unprecedented levels of mainstream adoption and demand. Bitcoin ETF filings from global leaders like BlackRock and Fidelity will also continue to catalyze a race among other financial institutions to offer bitcoin-based financial products and meet rising client demand.”