BlackRock CEO Larry Fink believes that Bitcoin and crypto have a role to play in the global financial system, especially as a hedge against geopolitical risks. In a recent interview, he said that Bitcoin is like “digitizing gold” and that it could “revolutionize” finance in the future.
Fink’s comments come as BlackRock, the world’s largest asset manager, is reportedly working on launching a spot Bitcoin ETF, which would allow investors to directly buy and sell the cryptocurrency. The SEC has not yet approved any such product, but Fink said that there is a “pent-up interest” in crypto from clients around the world.
Fink also praised the potential of technology and artificial intelligence to create more jobs and factories in the US. He said that the world is not spending enough time talking about the positive aspects of innovation and that he is optimistic about the future.
However Larry Fink did not have a positive view on Bitcoin in 2013. He called it a “speculative” and “tiny” market that was not a viable investment option. He also said that Bitcoin was mainly used for “money laundering” and that it had no intrinsic value. Here are some of his quotes from 2013:
- “I don’t have a sense of what the true value of Bitcoin is. I don’t know if it’s a store of value or if it’s just a speculative tool for people who want to gamble on something.”
- “Bitcoin is tiny. It’s not a real market. It’s not something that we at BlackRock would ever invest in.”
- “Bitcoin is an index of money laundering. That’s all it is.”
- “Bitcoin is not a currency. It’s not backed by anything. It’s just a piece of code that people have agreed to trade with each other.”