From unintentional to fanatical – how BlackRock CEO fell in love with Bitcoin

By Tyler Pearson, DLNnews; Compiled: Pine Snow, Golden Finance

This week, Larry Fink, CEO of BlackRock, the world’s largest asset manager, embraced bitcoin again. Here’s how Fink, once skeptical of cryptocurrency, became a believer and how he supported efforts to push the most valuable cryptocurrency into the new mainstream asset class:

2017

• October 3: Fink told Bloomberg Television that he is a “big believer” in cryptocurrencies, but market speculation is rampant. Two months later, the market crashed and cryptocurrencies entered a bear market known as the “crypto winter.”
• October 13: In an interview with CNBC, Fink said that bitcoin is “an indicator of money laundering” and compared the hype surrounding cryptocurrencies to the Dutch tulip bulb boom of the 1600s.

2018

• July 16: Fink says BlackRock’s customers have no intention of buying cryptocurrencies and downplaying BlackRock’s interest in the industry until the industry shows legitimacy and transparency.

2019

• April 3: BlackRock hires Robbie Mitchnick, Ripple’s former head of marketing. Mitchnick is now the company’s head of digital assets.
• July 19: After months of exploring the viability of Bitcoin and other cryptocurrencies at BlackRock, Fink stresses the need for a better cross-border payment system. Fink mentioned Bitcoin in an interview with CNBC, “I don’t think we need a new international currency, but we really need to reduce fees for cross-currency transactions.”

2020

• Nov. 20: BlackRock Fixed Income Chief Investment Officer Rick Rieder said in an interview with CNBC that cryptocurrencies “are here to stay,” adding that digital currencies could replace gold as a store of value.
• December 1: As the price of bitcoin rises, Fink warns investors that bitcoin may reduce the dollar’s correlation. At an event hosted by the Council on Foreign Relations, he said: "Bitcoin has captured the attention and imagination of many people. Can it develop into a global market? It’s possible. ”

2021

• Jan. 27: When interviewed by Bloomberg Live, asked about Bitcoin’s potential, Fink said, "We’re looking at it; We enjoyed the conversation. But this has not been confirmed. ”
• October 13: Fink tells CNBC that he “prefers the Jamie Dimon camp,” referring to JPMorgan’s CEO’s bearish stance on the value of Bitcoin. In an interview the day before, Dimon called bitcoin “worthless.” Fink reiterated that he is excited about the potentially “huge role” that digital currencies could play for consumers.

2022

• Feb. 9: CoinDesk reports that BlackRock plans to allow cryptocurrency trading on its internal Aladdin investment platform.
• March 24: Fink said in a letter to investors that Russia’s invasion of Ukraine could prompt countries to “reassess their currency dependence,” accelerating cryptocurrency adoption.
• April 7: Speaking at the Bitcoin 2022 conference in Miami, billionaire Peter Thiel named Fink alongside Dimon and Berkshire Hathaway’s Warren Buffett as “Bitcoin’s enemy” and accused them of driving down Bitcoin’s price.
• April 12: BlackRock becomes an investor in Circle’s $400 million fundraising, which issues the stablecoin USDC.
• April 13: Fink confirms that BlackRock is researching cryptocurrencies and becoming the main holder of Circle’s cash reserves. “We’re seeing more and more customer interest in cryptocurrencies,” Fink said.
• August 4: Cryptocurrency exchange Coinbase announced a partnership with BlackRock to offer cryptocurrency trading services to investors on BlackRock’s Aladdin platform.
• August 11: BlackRock announces the creation of a spot Bitcoin trust for institutional investors.
• Nov. 30: Fink revealed that BlackRock invested $24 million in failed cryptocurrency exchange FTX, saying at an event hosted by The New York Times Dealbook that “there appears to be misconduct with significant consequences.” ”
• Nov. 30: Fink said at the same event, "The next generation of the market… It will be the tokenization of securities. ”

2023

• June 15: BlackRock filed with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF) for its BlackRock iShares Bitcoin Trust. The trust appointed Coinbase Custody as its custodian.
• July 5: Fink told Fox Business that BlackRock is trying to “democratize” cryptocurrencies by lowering the price of buying and trading. Fink predicts that cryptocurrencies will “surpass” global currencies by 2023.
• October 16: In an appearance on Fox Business Channel, Fink said BlackRock customers showed strong interest in cryptocurrencies and attributed the day’s rally to a “shift to quality assets” amid global tensions surrounding conflicts such as the Israel-Hamas war.