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Blackrock CEO: ‘Very optimistic’ on Bitcoin

On March 29, BlackRock CEO Larry Fink was “pleasantly surprised” by the performance of the Bitcoin ETF and reiterated his “very optimistic” view on the long-term viability of bitcoin.

Attitude change
In an interview with Fox Business on March 27, Fink said, “IBIT is the fastest growing ETF in ETF history. In the history of ETFs, no product has accumulated assets as quickly as IBIT. We are now creating a more liquid and transparent market, which I am very pleasantly surprised by. Before we filed, I never anticipated that we would see this kind of retail demand.” Fink also said: “I am very bullish on the long-term viability of Bitcoin.”

According to Farside Investors, IBIT had a strong start to trading, attracting $13.5bn in inflows in its first 11 weeks, including a single-day peak of $849m on March 12. IBIT average daily inflows are just over $260 million.

Additionally, BlackRock CEO Larry Fink said in an interview with Fox Business that an Ethereum ETF is still possible even if the U.S. Securities and Exchange Commission (SEC) designates Ethereum as a security.

When asked if BlackRock would still list an Ethereum spot ETF if Ethereum is recognized as a security, Fink said yes. Eight potential issuers, including BlackRock, have filed Ethereum spot ETFs with the SEC. The SEC’s final decision is due in May.

However, Larry Fink’s attitude toward Bitcoin has only changed in recent years.

On January 15, Larry Fink made a notable shift in his attitude toward Bitcoin, arguing that it is “bigger than any government.” Fink noted that Bitcoin can serve as a long-term store of value if people are concerned about government instability or economic manipulation.

But this is in stark contrast to his views in 2017, when he joined JP Morgan CEO Jamie Dimon in criticizing Bitcoin, with Fink even calling it “an indicator of money laundering.”

Whale in
Founded in 1988, BlackRock is the world’s largest asset management, risk mitigation and advisory firm.

According to relevant reports, in the fourth quarter of 2023, BlackRock managed assets of up to $10 trillion, it can be said that even if there is no Bitcoin spot ETF, as a towering tree in the global financial industry, BlackRock is also firmly in the first place.

In fact, as early as the past few years, BlackRock began to take an interest in the crypto industry and blockchain technology, but at that time there were many challenges, first of all, the volatility of the market is relatively large, second, the lack of reasonable regulation, the market rules are not fully established, and over the past decade, the SEC has also rejected the application of spot Bitcoin ETF for fear of market manipulation. So there was no significant movement.
However, on January 11, 2024, a number of institutions led by BlackRock launched the first Bitcoin spot ETF in the United States, called iShares Bitcoin Trust (IBIT), directly reversing the embarrassing situation that spot Bitcoin ETF applications have been rejected over the past decade, and opening a new chapter in the development of crypto.

It is no exaggeration to say that BlackRock’s surprise application for a Bitcoin ETF has reignited interest in cryptocurrency trading instruments. Previously, many thought the project was doomed to fail – even with the iShares Bitcoin Trust, approval was just one of hundreds of ETFs it managed.

But there is no denying that the Bitcoin ETF is very important because it allows more institutions to gain investment exposure to bitcoin by owning stocks like BlackRock’s iShares or WisdomTree’s BTCW, rather than owning bitcoin directly. This means that retail and institutional investors can invest in Bitcoin through index funds.

Fink’s view
Previously, Fink placed himself in the “Jamie Dimon camp” – the jpmorgan Chase CEO is a well-known cryptocurrency skeptic – and said the world doesn’t need “a new international currency.” At the time, Fink also said Bitcoin could undermine the dollar’s status as a reserve currency.

Now, however, Fink’s attitude has changed dramatically, as many in the traditional finance sector are taking a second look at blockchain, particularly the “tokenization” of real-world assets such as stocks and bonds.

On January 14, 2024, BlackRock CEO Larry Fink said in an interview that he wants to tokenize stocks, bonds, and all financial assets he can.
Then, on March 20, BlackRock announced the launch of its first tokenized fund issued on a public blockchain, the BlackRock Dollar Institutional Digital Liquidity Fund (BUIDL).
It is reported that BUIDL will subscribe through RWA-focused digital asset securities firm Securitize for accredited investors, and the funds will be held by the official custodian Bank of New York Mellon. The fund invests 100 percent of its total assets in cash, U.S. Treasury bonds, and repurchase agreements, allowing investors to earn income while holding tokens on the blockchain.
According to the announcement, the fund will have a minimum initial investment of $5 million. BUIDL seeks to provide a stable value of $1 per token, and owning tokens generates dividends, which BlackRock pays daily accrued dividends directly into investors’ wallets as new tokens. In short, investors can obtain fund income through token holding, while eliminating cumbersome formalities and storage costs.
Blackrock CEO Larry Fink said, “We believe the next step will be tokenization of financial assets, meaning that every stock and every bond will have their own basic QCIP.” It will be recorded on each investor’s ledger, but most importantly, we can customize the strategy to suit each individual through tokenization.”
Since the Bitcoin spot ETF was passed, BlackRock has become a bellwether in the minds of crypto practitioners.
Write at the end
In short, as the CEO of BlackRock, the world’s largest asset management company, Fink’s attitude and views on cryptocurrencies have an important influence and guidance role for the entire industry. His shift also reflects the maturity and development of the cryptocurrency market, as well as the adaptation and transformation of traditional financial institutions.
Fink’s vision is that cryptocurrencies will become a global currency capable of transcending borders and political constraints to achieve greater efficiency and freedom. “I think it’s a very exciting time, we’re witnessing the birth of a new currency that’s going to change our world,” he said.

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