BlackRock CEO Larry Fink has once again adjusted his stance on Bitcoin, admitting that cryptocurrencies now play a legitimate role in global financial markets. In an interview with CBS on Sunday, Fink acknowledged that his views have evolved since 2017, when he infamously labeled Bitcoin an “index of money laundering.”
From Skeptic to Strategic Advocate
Fink’s comments mark a full-circle moment for one of Wall Street’s most influential figures. “The markets teach you to re-examine your assumptions,” he said, adding that Bitcoin now holds a role similar to gold as an alternative asset class. While maintaining that crypto should form only a modest part of a diversified portfolio, Fink conceded that “for those looking to diversify, Bitcoin is not a bad asset.”
This acknowledgment represents a significant shift from the skepticism that once defined traditional finance. In 2017, Fink and several major banking executives, including JPMorgan CEO Jamie Dimon, dismissed Bitcoin as speculative. Today, however, Fink’s tone aligns with a growing institutional consensus that digital assets are becoming a core part of modern investment strategies.
BlackRock’s Expanding Crypto Footprint
Fink’s softened stance parallels BlackRock’s expanding presence in the crypto ecosystem. In 2024, the world’s largest asset manager, overseeing $12.5 trillion in assets, launched the iShares Bitcoin Trust (IBIT) — a spot Bitcoin exchange-traded fund that quickly rose to market dominance. Within a year, IBIT managed over $93.9 billion in assets and held more than 804,000 BTC, accounting for nearly 3% of Bitcoin’s total circulating supply.
This surge highlights both institutional and retail interest. According to Fink, about half of IBIT’s investors are retail participants — and three-quarters of them are first-time iShares customers.
Also Read: Bitcoin October Volatility Set to Spike Amid Asian Holidays and U.S. Shutdown
Institutional Adoption Accelerates Under Trump
The re-election of U.S. President Donald Trump in early 2025 has further fueled institutional confidence in digital assets. With warmer regulatory sentiment and favorable policy direction, major financial institutions have deepened their exposure to Bitcoin and other cryptocurrencies. Collectively, ETFs and corporate treasuries now control over 1.65 million BTC, or roughly 10% of Bitcoin’s total supply.
A Turning Point for Wall Street and Bitcoin
Fink’s latest remarks confirm what many market observers have noted — Bitcoin is no longer fringe. Its transformation from a speculative tool to a legitimate portfolio diversifier underscores a broader paradigm shift in finance. As BlackRock leads the charge, Wall Street’s relationship with Bitcoin has evolved from cautious distance to strategic embrace.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of CoinBrief.io. Before making any investment decisions, you should always conduct your own research. Coin Brief is not responsible for any financial losses.
