In a recent interview with FoxBusiness, Larry Fink, BlackRock CEO, has dropped some nuggets on his thoughts on Bitcoin. This follows the SEC’s approval of Bitcoin Spot ETFs on Jan. 10 after a long decade of waiting. In the interview with Fox’s Charlie Gasparino, Fink delved into different topics, including the general US economy and Bitcoin post-ETF approval.
Fink Believes Bitcoin Is Still One of The Vehicles For Illicit Activity
Upon delving into Bitcoin, Gasparino wanted to ascertain whether Fink significantly influenced SEC Chief Gensler’s approval of the spot Bitcoin ETFs.
“Let’s get to Bitcoin…this is a huge thing. I mean, I see it as the minute Larry Fink put his imprimatur on this, he was going to go through. You don’t have to take credit for it…Is it you that pushed for this? Because Gensler hates it, and they’ve been dragging their feet on it for a bit over a year?” asked Gasparino
The billion-dollar mogul then replied that Gensler’s stance on Bitcoin being one of the channels of criminal activity is undeniable. However, Fink himself has made some significant adjustments to his secondary views on Bitcoin and believes it presents a lot of opportunity and is a good store of value.
“I did believe, and this is Gary’s position, that it’s still one of the vehicles for illicit activity; I think no one can deny that. Where I came around to it, and I came around to a different interpretation three years ago – that there’s a lot of merit to it. There is a lot of opportunity, it is a great store, and this is where you can debate, it’s a good store of value.”
In 2017, Fink seemed more stiff-necked and critical with his views about Bitcoin having no better use case or value besides money laundering.
“Bitcoin just shows you how much demand for money laundering there is in the world.That’s all it is,” said Fink.
Bitcoin is still being very vocally criticised as a vehicle for terrorism and money laundering by some influential figures like JPMorgan’s Jamie Dimon, Elizabeth Warren, SEC Chief Gary Gensler, and a host of others.
Larry Fink Positions Bitcoin as Larger Than Government Influence, Hedge Against Inflation
Fink seems to have a more balanced perspective on Bitcoin this time around. He further discusses how Bitcoin has become a juggernaut that defies governments and sets up citizens against currency devaluation and inflation.
“If you’re in a country where you’re fearful of your government, and maybe this is one of the reasons why China has banned it… If you’re in a country where you’re fearful for your future, fearful of your government, or you’re frightened that your government is devaluing its currency… you could say this a great potential long-term store of value and, as I said, it’s like digital gold,” said Fink.
“It is a ledger, but it’s an international ledger,” he adds. “It’s cross-border. It’s bigger than any government.”