Larry Fink and Bitcoin: A sincere romance or a poker act?

Larry Fink is monopolizing the attention these days. You wonder why ? Well, the big boss of the largest asset manager in the world keeps spouting off on Bitcoin, Bitcoin ETFs, and even cryptos. Enough to sow confusion among observers who once knew him as a notorious crypto-skeptic. But then, when did he switch to the other side of the looking glass? How could this about-face happen? So many questions that are tickling the minds of bitcoin enthusiasts at the moment.

Larry Douglas Fink, a neo-converted bitcoiner

In 2023, the CEO of BlackRock, visibly inspired by the possibility of introducing a Bitcoin Spot ETFrolled out the red carpet at praise of bitcoin and cryptocurrencies. During an interview with CNBC in July of that year, he stated that the “ [Bitcoin] has differential value compared to other asset classes, but more importantly, because it is so international, it will transcend any currency “.

Three months later, crypto media reported a new position from the University of California, Los Angeles (UCLA) graduate regarding bitcoin. He called it “ safe investment “.

A funny turnaround for someone who, for a long time, was cataloged among the crypto-skeptics, alongside Warren Buffet and his acolytes.

Interesting anecdote about how Larry Fink changed his mind on bitcoin and got rid of his fellow Wall Street CEOs (which always intrigued me). Most big companies have a Robbie Mitchnick (or a few) but getting the ear and open mind of the most senior person is a different story. »

This comment from Eric Balchunas, senior ETF analyst at Bloomberg, supports the statements of the famous crypto trader, The Wolf of All Streets, asserting that:

Larry Fink has become the world’s biggest advocate for Bitcoin. Many believe his intentions are evil. I asked Scaramucci if Fink had been legitimately ‘orange pillaged’…and he shared a personal anecdote with Larry Fink that proves that’s the case ».

Bitcoin, the orange pile at the heart of the BlackRock empire?

In an in-depth analysis of the “ Orange Pill », our colleague brought out an extract from the film Matrix (1999) where Morpheus offers two pills to Neo. The first, blue, symbolizes the choice of matrix, slavery or the status quo, while the second, orange, allows you to “ see the almost frightening reality “.

According to Mike Novogratz of Galaxy Digital, Larry Fink would have been “Orange Pilled” in 2023.CoinDesk columnshe called this conversion the “ most important thing that happened this year in the field of bitcoin “.

In October 2023, DL News clarified thatIt took Larry Fink a while to learn to love bitcoin. In 2017, he told Bloomberg TV that he believed in the future of cryptocurrencies. However, the bear market at the time led him to associate BTC with “ an indicator of money laundering “. In 2018, Fink pointed out that BlackRock clients showed no interest in these digital assets, arguing the lack of legitimacy and transparency.

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One year later, the arrival of Robbie Mitchnick, former Ripple executive, at BlackRock as Head of Digital Assets was a turning point. Little by little, Larry Fink is starting to change his tune regarding Bitcoin and other cryptocurrencies.

The rest, we know: on June 15, 2023, BlackRock filed a Bitcoin Spot ETF application with the SEC. Its approval took place on January 10, 2024. Larry Fink seems to have integrated the Orange Revolution into his financial empire.

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