From Bitcoin as “an index of money laundering” to a “flight to quality”, BlackRock has drastically changed its tone towards crypto-assets in recent years.
BlackRock is the world’s largest asset management firm, overseeing trillions of dollars in assets. Founded in 1988, the firm provides a range of financial services, including investment management, risk management and advisory services for institutional and retail clients worldwide.
As a major global player in the financial industry, BlackRock’s decisions and strategies can have a significant impact on financial markets. Their position allows them to influence the direction of investment trends, making their perspectives on emerging asset classes, such as cryptocurrencies, particularly newsworthy and influential.
Let’s look year by year and see how they changed their ideas.
BlackRock in the crypto market: step by step to the Bitcoin spot ETF filling
You’ve probably heard: BlackRock, the world’s largest asset manager, has filed for a Bitcoin and an Ethereum Spot ETF. This development is very positive for crypto prices and will bring many new people into the industry. However, it was not always like this.
Using CryptoExplorer AI as our research tool, we’ve compiled a summary below of how BlackRock and its CEO’s views have changed over the years.
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2017 – “Initial Skepticism”:
October 3: BlackRock CEO Larry Fink says on Bloomberg TV that he is “a big believer” in cryptocurrency. However, he expresses concern about the market being filled with speculation. October 13: Fink notes in a CNBC interview that Bitcoin is “an index of money laundering” and draws a parallel between the crypto hype and the Dutch tulip mania of the 1600s.
2018 – “Caution and Legality”:
2019 – “Digital Shift Begins”:
April 3: Robbie Mitchnick, formerly of Ripple, is appointed by BlackRock as the head of digital assets. July 19: Fink emphasizes the need for an efficient cross-border payment system, stating on CNBC that while a new international currency may not be necessary, there is an urgent need to reduce cross-currency transaction fees.
2020 – “Crypto Acceptance”:
November 20: Rick Rieder, BlackRock’s chief investment officer of fixed income, says on CNBC that crypto is “here to stay.” December 1: Amid a surge in Bitcoin’s price, Fink warns that Bitcoin may diminish the significance of the dollar and questions Bitcoin’s potential to become a global market.
2021 – “Careful Observation”
January 27: In a Bloomberg Live interview, Fink says they’re observing the Bitcoin scenario, but it’s “not proven yet.” October 13: Fink expresses his opinion on CNBC, leaning “more in the Jamie Dimon camp,” referring to the JPMorgan CEO’s bearish perspective on Bitcoin.
2022 – “Active Engagement”
February 9: CoinDesk reports that BlackRock plans to launch cryptocurrency trading on its Aladdin platform. March 24: Fink’s letter to investors states that Russia’s invasion of Ukraine could accelerate the adoption of digital currencies. August 4: BlackRock and Coinbase form a partnership to offer crypto trading services on the Aladdin platform. August 11: BlackRock announces a mock Bitcoin trust tailored for institutional investors. November 30: At a New York Times Dealbook event, Fink reveals BlackRock’s $24 million investment in the failed crypto exchange, FTX, and hints at possible misconduct with serious consequences. In the same case, he mentions the potential tokenization of securities in the future markets.
2023 – “Crypto Embrace and Capitalize”
June 15: BlackRock files an application for a Bitcoin spot ETF with the SEC for its BlackRock’s iShares Bitcoin Trust. July 5: Fink tells Fox Business that BlackRock aims to “democratize” crypto and foresees crypto overshadowing global currencies in 2023. October 16: Fink, in another Fox Business appearance, attributes a rally to a “flight to quality” amid global tensions and confirms increased interest in crypto from BlackRock clients.
Summary & Outlook
It is fascinating to observe Larry Fink’s evolving perspective on cryptocurrency over the years. This shift appears to be influenced by financial considerations and has a positive impact on the crypto industry.
At CryptoExplorer, we maintain an optimistic outlook for 2024. The potential approval of an ETF, coupled with the expected Bitcoin halving, sets the stage for significant developments.
In addition, the possibility of increased monetary stimulus in response to rising debt levels and ongoing global conflicts may further affect market dynamics.
If you don’t want to miss any of these updates and want to use them to make more money, you should visit InvestmentExplorer, CryptoExplorer’s community for crypto enthusiasts. There, CryptoExplorer co-founder Stefan Erben will help you become a better crypto investor!
Given these factors, the year 2024 is shaping up to be a pivotal period in the cryptocurrency world.
What are your thoughts on the outlook for 2024 in the crypto space? Share your views with us!
Disclaimer for Uncirculars, with a Touch of Personality:
While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.
Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!
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