Larry Fink's Complete Reversal on Bitcoin
BlackRock CEO Larry Fink, who once famously called Bitcoin an 'index for money laundering,' made a stunning admission at the NYT DealBook Summit in July 2026. He now views Bitcoin as an 'asset of fear,' explaining that investors often buy it when concerned about financial security, geopolitical instability, or the ongoing debasement of traditional assets due to growing deficits. 'If you bought it for a trade, it's a very volatile asset — you have to be really good at market timing, which most people aren't,' Fink said. 'If you're buying it as a hedge against all your hope, then it has a meaningful impact on a portfolio.' He acknowledged that Bitcoin is still heavily influenced by leveraged players, yet suggested it can serve as meaningful portfolio insurance for those holding it as a hedge.
Fink noted that market movements like a 20–25% drawdown in Bitcoin often reflect broader events such as trade agreements with China or potential settlements in Ukraine. Sitting beside Coinbase CEO Brian Armstrong, Fink emphasized that his perspective evolved through years of client interactions and discussions with policymakers, calling his change of heart a 'very glaring public example' of the need to reassess strong opinions. Armstrong added, 'There is no chance that Bitcoin goes to zero.' Fink shared an optimistic view: 'I see a big, large use case for Bitcoin.'
BlackRock's Full Embrace of Bitcoin and Crypto
BlackRock, the $13.5 trillion asset manager Fink helped build, now offers several crypto products, including a major Bitcoin ETF (iShares Bitcoin Trust), marking a stark contrast to his earlier skepticism. In October 2025, BlackRock announced it was developing technology to tokenize a wide range of assets, including real estate, equities, and bonds. Fink noted at the time that global digital wallets held over $4.5 trillion across crypto, stablecoins, and tokenized assets, with much of this capital outside the U.S., presenting opportunities to reach new investors.
Fink said tokenization could allow crypto entrants to access traditional long-term products like retirement funds. He described Bitcoin and crypto as serving a similar purpose to gold — a store of value against distrust. The firm's product lineup now includes a spot Bitcoin ETF that has attracted billions in inflows. Fink concluded: 'I see a big, large use case for Bitcoin.'