BlackRock’s Larry Fink Confident in Bitcoin’s Growth

Bitcoin is an alternative to gold and other commodities, and its global adoption will continue to rise, according to BlackRock CEO Larry Fink during a teleconference on the financial results of the third quarter.

Here’s full Larry Fink quote on bitcoin/digital assets from the Q3 earnings call, he says bitcoin asset class in itself, they talking with institutions worldwide about allocation, dig assets remind him of the early days of the mortgage market (now $11T) and POTUS won’t make dif pic.twitter.com/McvpW7cCnB

— Eric Balchunas (@EricBalchunas) October 14, 2024

In a quote shared by Bloomberg analyst Eric Balchunas, Fink compared the current stage of the first cryptocurrency’s history to the early period of the mortgage market, which has grown to about $11 trillion over the years, noted the expert.

Fink believes that Bitcoin’s growth will not be influenced by regulatory easing or tightening — it is more dependent on liquidity. The influx of capital will ensure increased market transparency and improved analytical tools.

For these reasons, the crypto industry is indifferent to who will assume the US presidency after the November elections, according to the BlackRock chief.

He noted that several countries are developing their own digital currencies. However, these assets are fundamentally different from Bitcoin, and their future role remains debatable.

Fink also expressed confidence in the expanding use of Ethereum as an investment form.

BlackRock is the issuer of the largest spot Bitcoin ETF with assets of $24.45 billion ( SoSoValue). A similar product based on Ether is second only to Grayscale’s ETHE fund — $1.1 billion versus $4.28 billion.

Back in July, Fink called Bitcoin a legitimate financial instrument.

In April 2022, BlackRock’s CEO announced the company’s interest in cryptocurrencies, although he was previously listed among the “enemies” of digital gold by PayPal co-founder Peter Thiel.