Benzinga - BlackRock Inc (NYSE:BLK) CEO Larry Fink’s in 2017 called Bitcoin (CRYPTO: BTC), an “index of money laundering." However, perceptions have changed since then.
What Happened: BlackRock on Thursday said it is entering the cryptocurrency market by filing an application with the Securities and Exchange Commission (SEC) to launch a publicly traded Bitcoin exchange-traded fund (ETF).
Despite ongoing lawsuits against cryptocurrency platforms for violating securities laws, BlackRock is seeking to launch the iShares Bitcoin Trust, which will have Coinbase Custody Trust Co. as its custodian partner for Bitcoin. If approved, the ETF will be listed on Nasdaq.
In 2022, BlackRock signaled its trust in the cryptocurrency market for the first time, making two forays into Bitcoin and other digital assets.
With $10 trillion under its management, the company made its Aladdin investment platform connect to Coinbase Prime, giving traditional finance (TradFi) investors access to Bitcoin. A spot Bitcoin private trust was also created, enabling clients to have direct exposure to the world’s largest cryptocurrency by market capitalization.
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Why It Matters: Looking back, Fink’s comments are a stark contrast to his current sentiments.
On Oct. 13, 2017, when Fink called Bitcoin an “index of money laundering," it was trading at $5,685.
However, if you had ignored Fink’s remarks and invested $100 in Bitcoin on the day he made that comment, you’d have a 347% profit, and your total exit amount would be $ 447.95.
Price Action: At the time of writing, BTC was trading at $25,466, up 2% in the last 24 hours, according to Benzinga Pro.
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