Larry Fink Changes His Mind On Bitcoin Following ETF Approval

BlackRock CEO Larry Fink has undergone a significant shift in his perspective on cryptocurrencies and, notably, Bitcoin (BTC). In a recent media tour, Fink expressed a newfound appreciation for Bitcoin, emphasizing its role as a safeguard against authoritarian regimes. This transformation comes in the wake of the SEC recently approving 11 spot Bitcoin ETFs.

A Change In Tone

Contrary to his stance in 2017, when he, alongside Jamie Dimon, criticized Bitcoin, Fink now praises it as a long-term store of value, especially for individuals in countries where distrust in the government or concerns about currency devaluation exist.

Acknowledging the fact that the flagship crypto, alongside several altcoins, have previously been involved in illicit activities across the globe and continue to do so, Fink nevertheless points to the opportunities that adopting a more progressive approach toward the digital assets could present, citing a change in his viewpoint during the pandemic.

Slow And Steady

With the aforementioned approval of spot Bitcoin ETFs by the SEC, including those by BlackRock, Fink believes this step legitimizes Bitcoin and enhances safety. He contends that the critical question now is whether people will accept Bitcoin as a border-crossing asset.

In a separate interview, Fink expressed interest in an Ethereum ETF, emphasizing the significance of these developments as initial steps toward tokenization. However, Fink remained tight-lipped about potential future crypto-based ETFs, including Ethereum and XRP, choosing to not provide any further comments on the matter.