$10T in Blackrock …

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Larry Fink, BlackRock’s CEO, has significantly shifted his stance on Bitcoin over recent years. Initially a skeptic, Fink once doubted the value and viability of cryptocurrency. However, he now sees Bitcoin as a “legitimate financial instrument” and has even labeled it “digital gold,” emphasizing its potential as an uncorrelated asset for hedging against economic instability and currency devaluation. Fink believes Bitcoin’s appeal stems from its liquidity, transparency, and resilience in the face of global financial challenges, making it suitable for investors concerned about economic turbulence or currency devaluation.

His support for Bitcoin grew further after BlackRock’s Bitcoin ETF launch, which has garnered billions in investor inflows, marking a historic rise and increased legitimacy for the asset. Fink noted that the ETF’s success exemplifies the growing institutional acceptance of Bitcoin, suggesting that factors like liquidity and transparency will be more critical than regulatory constraints in driving its adoption. This strategic move reflects Fink’s and BlackRock’s broader vision to integrate digital assets into mainstream finance   .

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Here are some notable quotes from Larry Fink on Bitcoin:

1. “I was a skeptic, a proud skeptic… It is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns.”

— Reflecting his changed perspective, Fink described Bitcoin as a valid asset for hedging, especially valuable amid economic or currency instability  .

2. “We believe Bitcoin is an asset class in itself.”

— In a 2024 earnings call, Fink emphasized Bitcoin’s emergence as a standalone asset class with growing acceptance and liquidity, suggesting its potential to rival traditional commodities like gold .

3. “I truly don’t believe it’s a function of regulation… It’s a function of liquidity, transparency.”

— Fink argued that Bitcoin’s adoption will depend more on market dynamics than on regulatory changes, likening its growth to the early mortgage and high-yield markets .

4. “Bitcoin is digital gold.”

— Embracing Bitcoin’s role as a store of value, Fink compared it to gold, underscoring its legitimacy and attractiveness for investors seeking alternatives to traditional financial assets .

5. “We will continue to pioneer new products to be making investing easier and more affordable.”

— Fink outlined BlackRock’s mission to innovate in investment products, including digital assets, aiming to broaden access to Bitcoin and other cryptocurrencies .

These quotes highlight Fink’s evolution from skepticism to advocacy, positioning BlackRock at the forefront of institutional investment in digital assets.