The CEO of the world’s largest asset manager, Larry Fink, has once again spoken out about the future of digital currencies. While he was critical in the past, his words now sound noticeably different.
Fink recognizes value of Bitcoin
In an interview with CBS, Larry Fink calls Bitcoin (BTC) a legitimate investment option. According to him, the digital asset offers opportunities for investors looking to diversify their portfolios. “Like gold, Bitcoin is an alternative asset separate from traditional markets,” Fink said.
Over the years, Fink has become increasingly positive about Bitcoin and the crypto market in general. While in 2017 he dismissed the digital currency as a tool for crime, his tone changed from 2023 onwards. That year, the first reports appeared about his outspoken optimism regarding Bitcoin and the role of digital assets within the financial world.
According to Fink, cryptos are now part of a mature financial ecosystem. He does indicate that the United States must speed up clear regulations and invest more in digital innovation.
The CEO also announced that BlackRock is working on its own tokenization platform, called Synoptic. This should make assets such as bonds and real estate tradable via blockchain. Tokenization offers enormous benefits such as lower transaction costs and trading possible 24 hours a day. He estimates that more than $4,500 billion in value is now stored worldwide in digital wallets for crypto, stablecoins and tokenized assets.
Succes van BlackRocks Bitcoin ETF
Fink’s change in direction goes hand in hand with the growing success of BlackRock’s spot Bitcoin exchange-traded fund (ETF), IBIT. Since its launch in 2024, the fund has grown into the largest fund of its kind, with over $100 billion in assets under management (AUM) and holdings of 804,000 BTC. This is striking, because analysis platform Coinglass records a lower AUM of $92 billion.
IBIT is the fastest ETF ever to break the $100 billion mark in assets under management. That in itself is a major achievement: only 18 of the more than 4,500 ETFs worldwide have ever reached this level. But the speed with which this happened is especially remarkable. By comparison, the previous record was held by the Vanguard S&P 500 ETF, which took more than 2,000 trading days. IBIT managed to achieve this within approximately 450 trading days.
Source: https://newsbit.nl/blackrock-ceo-prijst-bitcoin-als-strategisch-bezit/
