Larry Fink, the CEO of Blackrock, the world's largest asset manager, has once again voiced strong support for Bitcoin in a Fox Business interview. He described himself as “very bullish on the long-term viability of Bitcoin” and praised the unprecedented retail demand for the firm's spot Bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT).
Larry Fink's Bullish Bitcoin Outlook
“I'm very bullish on the long-term viability of Bitcoin,” Fink affirmed during the interview. He noted that the launch of Blackrock's spot Bitcoin ETF in January, following the SEC's approval of 11 such products, has exceeded all expectations. “We're creating a market that has more liquidity, more transparency, and I'm pleasantly surprised — I'd never have predicted before we filed that we would see this type of retail demand,” he said.
As of March 27, IBIT held 250,667.23810 Bitcoin, with a notional value exceeding $17.2 billion, making it one of the largest Bitcoin funds globally.
IBIT: The Fastest Growing ETF in History
When asked about the rapid inflow of capital into IBIT, Fink did not hesitate: “IBIT is the fastest growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs.” This statement underscores the historic nature of the fund's performance since its debut on January 11. IBIT has consistently attracted billions of dollars, far outpacing any other ETF launch in the industry's history.
Outlook for Ethereum ETF
Regarding a potential spot Ethereum (ETH) ETF, Fink revealed that Blackrock has an application pending with the SEC. “We'll see. That's under registration,” he commented. When asked about the possibility of the SEC classifying Ether as a security, Fink opined: “I don't think that designation is going to be that deleterious to an ETF.” He further stated his belief that an ETF could still be launched even if Ether were classified as a security, easing some market concerns.
A Skeptic Turned Believer
Fink admitted that three years ago he was a “naysayer” regarding Bitcoin. However, he revealed in January: “About two years ago, I switched … in the last few years, I'm a big believer. I do believe it is an alternative source for wealth holding.” He elaborated: “If you're in a country where you're fearful of your future, fearful of your government, or you're frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long-term store of value. Like I said, it's like digital gold.”
Fink's latest remarks have reignited enthusiasm in the crypto market, highlighting the growing institutional adoption of digital assets. Investors are closely watching for further developments, especially the SEC's decision on the Ethereum ETF filings.