Larry Fink unpacks BlackRock’s approach to crypto, saying it can “transcend any one currency”

BlackRock CEO Larry Fink appeared on CNBC’s Squawk on the Street this morning, further propelling the excitement around the firm’s recent filing with the SEC for a spot Bitcoin Exchange-Traded Fund (ETF).

BlackRock, the world’s largest asset manager, has a vested interest in the democratization of investing. The firm’s recent filing for a spot Bitcoin ETF has been met with increased enthusiasm from institutional investors, signaling a pivotal shift in the financial landscape.

Fink also noted, “Over the last five years, more and more global investors are asking us about the role of crypto,” highlighting crypto’s growing role as an international asset. He added, “It has a differentiating value versus other asset classes. But more importantly, because it’s so international, it’s going to transcend any one currency and currency valuation.”

This comes in stark contrast to Fink’s earlier remarks from 2018 when he expressed skepticism about the crypto industry. At that time, he said that BlackRock would not deal in crypto until it was “legitimate.” The recent ETF application suggests that Fink’s stance on crypto has notably evolved, indicating a potential sign that BlackRock considers crypto has met that threshold.

While Fink refrained from discussing the specific details of the Bitcoin ETF due to the ongoing SEC filing, his comments on crypto generally indicate an openness to exploring further integrating crypto assets into BlackRock’s investment strategy.