From Bitcoin becoming a "money laundering index" to a "pursuit of quality", BlackRock has revolutionized its approach to crypto assets over the past few years.
BlackRock is the world's largest asset manager, with trillions of dollars in assets under management. Founded in 1988, the company provides a range of financial services, including investment management, risk management, and advisory services, to institutional and retail clients worldwide.
As a major player in the global financial industry, BlackRock's decisions and strategies can have a significant impact on the financial markets. Their status allows them to influence the direction of investment trends, making their views on emerging asset classes such as cryptocurrencies particularly newsworthy and influential.
Let's look at it year by year and see how their minds change.
BlackRock's Crypto Road: From Skepticism to Embrace
As BlackRock continues to advance the cryptocurrency market, its CEO Larry Fink's views have undergone several changes. From initial skepticism to active participation today, BlackRock's evolution in the cryptocurrency space has been remarkable. Here are some of the key moments from Larry Fink and BlackRock over the past few years:
2017 – "Initial Suspicions":
October 3rd:Larry Fink said on Bloomberg TV that he is a "big believer" in cryptocurrency, but expressed concern that the market is full of speculation.
October 13th:In a CNBC interview, Fink called Bitcoin an "indicator of money laundering" and compared the cryptocurrency hype to the Dutch tulip bulb mania.
2018 – "Prudence and Legality":
July 16th:Fink said BlackRock's customers were not interested in buying cryptocurrency, emphasizing the need for the industry to demonstrate legitimacy and transparency.
2019 – "Digital Transformation Begins":
April 3:Former Ripple employee Robbie Mitchnick has been appointed head of digital assets by BlackRock.
July 19th:Emphasizing the need for an efficient cross-border payment system at CNBC, Fink mentioned the urgent need to reduce fees for cross-currency transactions.
2020 – "Cryptocurrency Acceptance":
Nov. 20:BlackRock Fixed Income Chief Investment Officer Rick Rieder mentioned on CNBC that cryptocurrencies are "here to stay."
December 1st:Amid Bitcoin's spike, Fink warned that Bitcoin could diminish the dollar's importance.
2021 – "Cautious Observation":
January 27:In a Bloomberg interview, Fink said that they are watching the situation with Bitcoin, but it is "not yet confirmed."
October 13th:Fink said on CNBC that he leaned more towards JPMorgan Chase CEO Jamie Dimon.
2022 – "Active Participation":
February 9th:BlackRock plans to launch cryptocurrency trading on its Aladdin platform.
March 24:In his investor letter, Fink noted that Russia's invasion of Ukraine could accelerate the adoption of digital currencies.
August 4th:BlackRock and Coinbase have formed a partnership to provide cryptocurrency trading services on the Aladdin platform.
August 11th:BlackRock launches a spot bitcoin trust tailored for institutional investors.
November 30:BlackRock invests $24 million in failed crypto exchange FTX.
2023 – "The Embrace and Capitalization of Crypto":
June 15th:BlackRock filed with the SEC for the BlackRock iShares Bitcoin Trust Bitcoin Spot ETF.
July 5th:Fink said BlackRock's goal is to "democratize" cryptocurrencies and expects cryptocurrencies to overtake global currencies in 2023.
October 16th:In his appearance on Fox Business, Fink attributed the market** to "escape to quality" amid global tensions and confirmed the growing interest in cryptocurrencies among BlackRock customers.
Summary and outlook:The change in attitude between Larry Fink and BlackRock in the crypto space is remarkable. This shift is not only influenced by financial considerations, but also has a positive impact on the crypto industry as a whole. With the potential approval of ETFs and the anticipation of the Bitcoin halving, 2024 will be a critical period for new developments for cryptocurrencies. BlackRock's cryptocurrency journey, from skepticism to embrace, has witnessed the development and transformation of the entire industry.
What do the brothers think about the outlook for the cryptocurrency space in 2024? You can discuss and share ideas together!
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