BlackRock CEO Larry Fink on Bitcoin, Regulation and ESG

BlackRock CEO Larry Fink, who used to call Bitcoin an “index of money laundering,” said that Bitcoin is “digitalizing gold” in a Fox Business interview on Wednesday.

BlackRock CEO Larry Fink on Bitcoin, Regulation and ESG
  • “I was skeptical because the early users were - it was heavily used for, let’s say, illicit activities.”
“Bitcoin is an international asset - it’s not based on any one currency - so it can represent an asset that people can play as an alternative."
  • “I think, as it became more accessible — and, also, I do believe the role of crypto is — it is digitizing gold in many ways. Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country or the devaluation of your currency, whatever country you’re in.”
“What we’re trying to do with crypto is make it more democratized, and make it much cheaper for investors.”
  • “Right now, the bid-ask spread for crypto is very expensive. It does erode a lot of the returns that you speak about, because it costs a lot of money right now to transact bitcoin, and it costs a lot of money to get out of that. And so we hope the — our regulators look at these filings that it’s a way to democratize crypto.”

Watch the full interview here:

Full Interview Link