Larry Fink, the CEO of BlackRock, the world's largest asset manager with over $10 trillion in assets under management, has reinforced his bullish stance on Bitcoin in recent interviews with CNBC and Fox Business. Once a skeptic, Fink now describes himself as a 'big believer' in the leading cryptocurrency, emphasizing its role as a store of value that transcends national borders and government influence.
Bitcoin: A Store of Value 'Bigger Than Any Government'
In his interview with Fox Business, Fink stated, 'If you are in a country where you are worried about your future, worried about your government, or you worry that your government is debasing its currency through too much deficit, you can say this is a great potential long-term store of value. As I've said, it's like digital gold.' He went further, asserting that Bitcoin operates as 'an international ledger that works across borders,' making it 'bigger than any government.'
Why Bitcoin's Price Could Rise
Speaking to CNBC, Fink explained his conviction that Bitcoin's price will appreciate. 'I believe it will go up as the world becomes more scared. People are afraid of geopolitical risks, they're afraid of their own risk… And unlike gold, where we produce new gold, we are at the limit of most of the number of Bitcoins that can be created.' The fixed supply of 21 million Bitcoin underpins this scarcity argument. Currently, over 19.2 million BTC have been mined, leaving less than 2 million to be issued over the next century.
From Skeptic to Advocate: The IBIT ETF
Fink acknowledged his personal transformation: 'Three years ago, I was a skeptic. About two years ago I changed my mind, and really… in recent years I've become a big believer.' He described Bitcoin as a legitimate asset class, calling it 'an alternative store of wealth.' BlackRock's spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT), was among the first 11 spot Bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) in January 2024. Fink explained the motivation: 'For me, what we're trying to do is offer a vehicle that can store wealth.'
Ethereum ETF and Tokenization
When asked whether the SEC might approve spot Ethereum ETFs following Bitcoin, Fink stated, 'I see value in having an Ethereum ETF.' This remark has fueled speculation that the regulatory path for ETH-based products may accelerate. Furthermore, Fink highlighted the broader potential of tokenization: 'If you have a tokenized security and you have a tokenized identity… the moment you buy or sell an instrument, it is known, it is on a common ledger that is created together. If you want to talk about money laundering issues and all of that, it takes away all the corruption by having a tokenized system.'
Institutional Impact and Market Implications
Fink's comments carry significant weight given BlackRock's status as a bellwether for institutional capital. The successful launch of IBIT has already attracted billions of dollars in inflows, signaling robust investor demand. As BlackRock continues to advocate for digital assets, its CEO's public endorsement of Bitcoin and Ethereum ETFs may encourage other institutional players to enter the space, further legitimizing cryptocurrencies as mainstream investment vehicles.