The CEO of Blackrock, Larry Fink, said on national television last night that Bitcoin is “digitised gold”. That the institutions have arrived there can no longer be any doubt. Blackrock is the biggest asset management company in the world with more than nine trillion dollars in assets under management. Larry Fink, the CEO of this company, was interviewed on Fox Business News last night and gave no doubt at all as to his view that Bitcoin was an “international asset” and that it was “digitising gold”. This is a 180 degree turn around from someone who back in 2017 said that bitcoin was an “index of money laundering”. Whether he said this through ignorance or by design we shall probably never know, but Fink appears to now have full conviction in the number one cryptocurrency. Blackrock knows the game The Fox Business News interviewer referred to the 575/1 batting average of Blackrock when it comes to getting its ETFs accepted by the regulators. With that kind of record it might be imagined that Blackrock’s filing for a Spot Bitcoin ETF cannot be too far from a foregone conclusion. Fink’s own words were that “we work really closely with our regulators” and he went on to say that if the regulators found any particular issues, his company would work around that in order to “get the filing approved one day”. Bitcoin is an international asset The Blackrock CEO said that his company was a believer in “digitising products” and that he saw the future as tokenisation of assets and securities which would lead to a revolution in finance. Fink continued that his company wanted to “democratise crypto” and make it “much cheaper for investors”. He said that bitcoin was something that could be held as a hedge against inflation, a hedge against the devaluation of any particular currency. He stated: “Lets be clear, Bitcoin is an international asset. It’s not based on any one currency, and so it can represent an asset that people can play as an alternative”. Bitcoin rises on the news After a couple of days of red price action, bitcoin is up 1% this morning and is looking strong. It can be expected that Fink’s statements last night will be taken very seriously by the market. Some more positive price action can be expected, and with bitcoin only just below the most important level of $31,000 the bull market is just beginning. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
