In 2017, Larry Fink, the CEO of the asset management company BlackRock, was acerbic towards bitcoin. He had notably criticized the queen of crypto as being a mafia asset, useful for laundering money. Now, his discourse on the usefulness of bitcoin has changed completely.
BlackRock CEO praises bitcoin for its relevance
Only fools don’t change their minds, they say. Larry Fink, the CEO of BlackRock, confirmed this popular adage during an interview he gave on Wednesday July 5th. An interview during which the boss spoke about the importance of bitcoin (BTC).
To believe it, the asset is gaining more and more value from an economic and financial point of view. And the queen of cryptos would have gained so much prominence that it could rival gold in terms of store of value.
“I think the role of cryptos is to digitize gold, in many ways. Instead invest in gold as a hedge against onerous problems in a particular country. Let’s be clear: bitcoin is an international asset”dropped the boss, bluntly.
Larry Fink’s position on the usefulness of bitcoin is novel to say the least. A few years ago, in fact, the financier had made shocking statements concerning the queen of cryptos.
“Bitcoin just shows you how big the demand for money laundering is in the world,” criticized the manager. A position that made him a detractor of bitcoin and cryptos as a whole.
But the leader’s change of mind about bitcoin may not have happened by chance. We can see a link with the recent news around the Bitcoin ETF procedure launched by his company.
If this approach was formalized despite the regulator’s manifest opposition to procedures of this kind, it is not insignificant. It is that at some point, Larry Fink ended up realizing the potential of this asset, so appreciated by investors.
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