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One of the biggest asset management companies in the world, BlackRock, and its CEO, Larry Fink, recently made comments showing the changing image of Bitcoin. Fink no longer refers to Bitcoin as a “index of money laundering,” but rather as a method of “digitalizing gold.”
Fink’s remarks followed BlackRock’s submission of an exchange-traded fund (ETF) for bitcoin to the U.S. Securities and Exchange Commission (SEC). BlackRock’s introduction into the Bitcoin market has attracted a lot of interest from institutional investors, who oversee $9.5 trillion in assets, and this has caused Bitcoin’s value to rise to a 12-month high.
Fink claims that Bitcoin may be used as a digital substitute for conventional gold investments as insurance against the problems that various nations may encounter. He highlighted Bitcoin’s worldwide character and development potential while emphasizing that it is an international asset.
When compared to his prior comments from 2017, in which he discussed the frequency of money laundering in the cryptocurrency field, Fink’s shift of viewpoint on Bitcoin is noteworthy. Fink has, however, recently referred to Bitcoin as a “great asset” and stated that BlackRock has benefited from its investment in the virtual money.
BlackRock’s request for a Bitcoin ETF shows the company’s belief in the potential of cryptocurrencies. Industry insiders think BlackRock has a chance of getting permission even though the SEC has tightened controls on digital assets. The asset manager has a good track record of having its ETF applications approved by the regulatory bodies.