- Larry Fink continues crypto praise, likening Bitcoin to “human freedom.”
- BlackRock has a track record of oppressive and monopolistic practices.
- Doubts remain on BlackRock’s motives with cryptocurrency.
BlackRock’s recent spot Bitcoin ETF filing sent shockwaves through the cryptocurrency industry, signaling strong institutional interest and growing confidence in crypto assets. This pent-up anticipation was evidenced by Bitcoin’s price spike to $30,000 from $27,700 on October 16, driven solely by false reports of BlackRock’s ETF application being approved.
At the time, BlackRock CEO Larry Fink quickly dismissed the false reports by confirming that the asset manager’s application with the regulator was still pending. However, Fink also took the opportunity to comment that the price pump was indicative of a “flight to quality” amid economic uncertainty. More recently, in a further sign of bullishness, Fink likened Bitcoin to freedom.
Bitcoin is Priceless
The BlackRock CEO made his most direct statement of support for Bitcoin to date by likening the leading cryptocurrency to freedom. In a conversation with tech investor Mike Alfred, Fink was asked how valuable he thinks Bitcoin could become. But rather than give a dollar value, the BlackRock CEO answered Alfred by asking him, “What is the value of human freedom?”
At face value, Fink’s philosophical positioning can be interpreted as an understanding that Bitcoin is more than just a speculative digital asset; it is also a technology that enables human freedom due to its permissionless peer-to-peer nature.
However, pondering more deeply on the matter, Fink’s response also raises questions about BlackRock’s underlying motives with Bitcoin. Given BlackRock’s track record, Fink embracing Bitcoin as a tool for empowering “human freedom” rings somewhat hollow.
BlackRock Wields Power
BlackRock is well known for wielding its power across global markets to exert control and undermine competitors, making Fink’s rhetoric around Bitcoin and freedom somewhat suspect.
The asset manager’s vast liquidity reserves enable it to exert outsized influence over the running of many publicly traded companies. Moreover, BlackRock’s revolving door policy of hiring former government officials has fueled accusations that the firm receives preferential regulatory treatment.
While Fink may have sounded off on the significance of freedom, BlackRock and finance firm MSCI were recently probed over allegations concerning Chinese companies, some of which were flagged as national security and human rights concerns.
On the Flipside
- Institutional involvement with cryptocurrency contradicts the anti-authoritarian origins of Bitcoin.
- Fink is on the board of trustees at the World Economic Forum, fueling further suspicions over his motives with cryptocurrency.
- A spot Bitcoin BlackRock ETF will drive investor confidence in the sector.
Why This Matters
Though many are cheering for a BlackRock Bitcoin ETF, broader doubts about the asset giant’s crypto involvement linger. Specifically, concerns remain whether BlackRock entering the crypto space will ultimately benefit retail investors or serve the firm’s interests.
Learn more about the incorrect narrative surrounding BlackRock’s pivot to XRP here:
Fake News Alert: BlackRock Is Not Shifting from Bitcoin to XRP
Find out more on the massive inflows into cryptocurrency over the past week here:
Crypto Hits $1.2T in Market Cap After Huge 7-Day Influx