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Suddenly, BlackRock has developed an appetite for #Bitcoin
Video Transcript AI Summary
Larry Fink, CEO of BlackRock, expressed skepticism about cryptocurrencies in the past, associating them with money laundering. However, BlackRock, managing trillions of dollars in assets, has now embraced Bitcoin. They have filed for a Bitcoin ETF with the SEC, recognizing Bitcoin as a global asset and a digital form of gold.
Full Transcript
Speaker 0: Have you developed a view on Bitcoin and cryptocurrencies? Well, a, I believe in blockchains. This is Larry Fink, cofounder and CEO of BlackRock, talking about digital currency 5 years ago. But most importantly, when I think about most of these cryptocurrencies, it just identifies How much money laundering there is being done in the world? BlackRock manages 1,000,000,000,000 of dollars in assets for individual investors, pension funds, governments, and other institutions worldwide.
We're not hearing clients say that we wanna use this as an asset class. No. 4 years ago, Fink's answer began to sound a bit more ambiguous. Is it true that you're building out a cryptocurrency capability? No.
Fast forward to 2023, and BlackRock's position on Bitcoin is a definite yes. The investment juggernaut recently filing for a spot Bitcoin ETF with the Securities Exchange Commission. Bitcoin is an international asset. It's digitizing gold.