I’ll admit – just a few years ago, I’d be shocked to hear myself say that the CEO of BlackRock is making good points about Bitcoin.
As head of the world’s largest asset manager, I assumed Larry Fink would be Bitcoin’s biggest critic. But compared to dismissive remarks on Bitcoin from other Wall Street leaders like Jamie Dimon, Fink’s perspective is a refreshing change.
If you think otherwise, yesterday’s earnings call proves it.
There, Fink declared, “I’m not sure if either president would make a difference” on Bitcoin’s growth,” adding “I don’t believe [Bitcoin’s rise] is a function of regulation.”
He went on to compare Bitcoin’s growth to much larger markets like mortgages, noting liquidity and transparency drives adoption more than rules.
Here's full Larry Fink quote on bitcoin/digital assets from the Q3 earnings call, he says bitcoin asset class in itself, they talking with institutions worldwide about allocation, dig assets remind him of the early days of the mortgage market (now $11T) and POTUS won't make dif pic.twitter.com/McvpW7cCnB
— Eric Balchunas (@EricBalchunas) October 14, 2024
It’s wild that the CEO of an $11 trillion company is not just embracing Bitcoin, but that he gets that Bitcoin thrives because it is an apolitical, decentralized, global money.
Regulation aside, Bitcoin marches on indifferently. Fink seems to grasp what many Bitcoiners don’t – that political winds don’t sway Bitcoin’s course long-term. Neither Donald Trump or Kamala Harris can stop Bitcoin from setting new all-time highs.
Bitcoin thrives on its own technical merits, not regulatory benevolence.
This independence was always its promise. Now, the world’s financial giants aren’t fighting it, but joining in. Bullish.
