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: Fink during an interview with Fox Business on Wednesday emphasized the role of cryptocurrency as “digitizing gold."
Fink said, “Let’s be clear: Bitcoin is an international asset. It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.” He further indicated that investors might turn to Bitcoin as a hedge against inflation or the devaluation of certain currencies.
BlackRock 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 438% profit, and your total exit amount would be $537.84.
Read Next: Bitcoin, Ethereum, Dogecoin Rise On BlackRock ETF News: Why This Veteran Trader Says King Crypto Is ‘Hinged To The Downside For Now’
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