I’ll admit – just a few years ago, I was shocked to hear myself say the CEO of BlackRock was making good points about Bitcoin.
As the head of the world’s largest asset manager, I assumed Larry Fink would be Bitcoin’s biggest critic. But compared to dismissive statements about 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 if either president is going to make a difference” in Bitcoin’s growth, adding, “I don’t think (Bitcoin’s rise) is a function of regulation.”
He went on to compare Bitcoin’s growth to much larger markets like mortgages, noting that liquidity and transparency drive adoption more than rules.
Here’s Larry Fink’s full quote on Bitcoin/digital assets from the Q3 earnings call, where he says the Bitcoin asset class itself, they talk to institutions around the world about allocation, and asset digging reminds him of the early days of the mortgage market (now $11 trillion) and The president won’t make any difference pic.twitter.com/McvpW7cCnB
– Eric Balchunas (@EricBalchunas) October 14, 2024
It is curious that the CEO of an $11 trillion company not only embraces Bitcoin, but recognizes that Bitcoin thrives because it is apolitical and decentralized global money.
Regardless of regulation, Bitcoin is going nowhere. Fink seems to understand what many Bitcoiners don’t, which is that political winds do not affect Bitcoin’s long-term trajectory. Neither Donald Trump nor Kamala Harris can stop Bitcoin from hitting all-time highs.
Bitcoin thrives on its technical merits, not regulatory goodness.
This independence was always a promise to her. Now, the world’s financial giants are not fighting it, but joining it. It is incremental.