2017 vs 2023: Fink’s Institutional Bitcoin Perspective

In 2017, JPMorgan Chase's CEO, Jamie Dimon, called Bitcoin a "fraud" and predicted its failure. Meanwhile, BlackRock's CEO, Larry Fink, recognized its potential as a store of value but warned about its volatility. Now in 2023, Dimon has reversed his opinion, and JPMorgan Chase has launched its cryptocurrency. BlackRock has also become one of the largest institutional investors in Bitcoin, with a focus on ETFs and other related products. Fink is now more positive on Bitcoin, noting its maturity as an asset class and validated potential as a store of value. Institutional investors, such as Fink, have seen a significant shift in their perspectives on Bitcoin in a short span of time. Despite regulatory uncertainty, Bitcoin has become more mainstream and is increasingly attracting institutional investors.

Compiled by: Deep Sister, Deep Chain DCNews

Larry Fink, CEO of BlackRock, recently appeared on Fox Business to express his shift in stance towards Bitcoin from 2017 to 2023, highlighting the views of major financial institutions on cryptocurrencies.

Fink’s previous comments describing Bitcoin as the “index of money laundering” have been replaced with a more positive view, describing Bitcoin’s role as “digital gold”. This change in perspective indicates recognition of the potential value and significance of cryptocurrencies in the financial sector.

Larry Fink, CEO of BlackRock, a $9 trillion asset management company, said cryptocurrency is digital gold and “#Bitcoin is a global asset.” pic.twitter.com/x0NGcBdzA2

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– Observer Master (@WatcherGuru) July 5, 2023

Fink’s comparison of Bitcoin to gold is significant. Gold has long been considered a traditional store of value and a hedge against inflation or currency devaluation. By likening Bitcoin to gold, Fink acknowledges its potential as a global wealth store. This recognition of Bitcoin’s international nature further emphasizes its utility and is consistent with the increasing acceptance and adoption of cryptocurrencies globally.

In addition, Fink acknowledges Bitcoin as an alternative investment asset, indicating a higher level of acceptance of cryptocurrencies in the investment community. The pursuit of a Bitcoin ETF by BlackRock, one of the largest asset management companies in the world, further supports this view. Interest in creating regulated investment vehicles for Bitcoin suggests that people are increasingly recognizing its legitimacy and potential as an investable asset class.

The changing attitudes of major financial institutions such as BlackRock towards Bitcoin and cryptocurrencies reflect a larger trend in the financial industry. As the technology behind cryptocurrencies matures and regulatory frameworks develop, institutions are recognizing the transformative potential of these digital assets. They are beginning to view them as legitimate components of investment portfolios and stores of value.

Views from influential figures such as Larry Fink on Bitcoin and BlackRock’s pursuit of a Bitcoin ETF are helping to mainstream the adoption of cryptocurrencies. It also encourages further exploration of blockchain technology and integrating it into traditional financial systems. This shift in perspective is significant as it opens the door to increased institutional participation and investment in the cryptocurrency market, potentially leading to further growth and maturation of the entire ecosystem.

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