The head of BlackRock made it clear that he does not believe in the possibility of bitcoin to replace ordinary money. However, the first cryptocurrency is able to protect the accumulation of investors from market instability and devaluation of state currencies. Bitcoin is attractive in that it, like gold, becomes a safe asset during the period of economic and political tension, Fink explained.
“People buy bitcoin out of fear. Fear of depreciation of currency or instability in the country. This is a strong argument that increases the value of bitcoin, ”Fink said.
A few years ago, the head of BlackRock was skeptical of cryptocurrencies. Fink admitted that, for the first time, talking about Bitcoin in 2017, he called him a currency for “launders of money and thieves”, recalling the discussion with JPMorgan General Director Jamie Dimon, who also spoke hard against cryptocurrencies.
However, during the Covid-19 pandemic, Fink changed the opinion of Bitcoin. The entrepreneur began to study the first cryptocurrency and even met with people who use it. He mentioned a woman from Afghanistan, who paid his workers in Bitcoins to circumvent the restrictions of the Taliban. As Fink put it, the conversation with this woman “opened his eyes” for the usefulness of Bitcoin.
In January 2024, the BlackRock launched the ISHHARES BITCOIN TRUST (IBIT) SPARS Exchange Fund and became the second largest bitcoin holder in the world. According to Cryptoquant, IBIT has more than 781,000 BTC, which is now estimated at about $ 88 billion. The number of BlackRock bitcoins overtook the largest crypto -tanks Coinbase (703,000 BTC) and BINANCE (558,000 BTC), and even the company StrateGy, B. The disposal of which is 629,000 BTC.
In April, Larry Fink suggested that the American dollar can lose the status of the world reserve currency, losing it to Bitcoin. Fink explained this to the growing state debt of the United States.
Source: Bits
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