I’ll admit it – a few years ago, I was shocked to hear that the CEO of BlackRock was making a good point about Bitcoin.
As the head of the world’s largest asset manager, I thought Larry Fink would be Bitcoin’s biggest critic. But compared to the dismissive comments on Bitcoin from other Wall Street leaders like Jamie Dimon, Fink’s view is a refreshing change.
If you think otherwise, yesterday’s earnings call proves it.
There, Fink declared, “I’m not sure that any president can make a difference” in the growth of Bitcoin,” adding “I don’t believe it.” [Bitcoin’s rise] it’s a control function.”
He went on to compare the growth of Bitcoin to larger markets such as mortgages, noting the availability of liquidity and transparency over regulations.
Here’s a full quote from Larry Fink on bitcoin/digital assets from the Q3 lead call, he says the bitcoin asset class itself, they’re talking to institutions around the world about allocations, mining assets reminds him of the early days of the mortgage market (now $11T) and POTUS won’t make a difference pic.twitter.com/McvpW7cCnB
— Eric Balchunas (@EricBalchunas) October 14, 2024
It’s sad that the CEO of an $11 trillion company not only accepts Bitcoin, but discovers that Bitcoin thrives because it’s a political, decentralized, global currency.
Legislation aside, Bitcoin marches on recklessly. Fink seems to understand what most Bitcoiners do not – that political winds do not affect Bitcoin’s long-term course. Neither Donald Trump nor Kamala Harris can stop Bitcoin from setting all-time highs.
Bitcoin thrives on its technical merits, not regulatory merits.
This autonomy was always your promise. Now, the world’s financial giants are not fighting it, but participating. Bullish.