BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View

Bitcoin Magazine

BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View

BlackRock CEO Larry Fink has shifted his perspective on Bitcoin — and he openly acknowledged the change.

Speaking at the NYT DealBook Summit on Wednesday, Fink stated that he now sees potential in Bitcoin. Fink was once a vocal critic who famously labeled Bitcoin “an index for money laundering,”

Today, Fink described Bitcoin as “an asset of fear,” elaborating that investors frequently purchase it in response to concerns about financial security, geopolitical instability, or the ongoing debasement of traditional assets caused by growing deficits.

“If you bought it for a trade, it’s a very volatile asset, you’re going to have to be really good at market timing, which most people aren’t,” Fink said. “If you’re buying it as a hedge against all your hope, then it has a meaningful impact on a portfolio… the other big problem of Bitcoin is it is still heavily influenced by leveraged players.”

Fink, speaking alongside Coinbase CEO Brian Armstrong, noted that market movements — like a recent 20–25% drawdown in Bitcoin — often reflect broader events, such as trade agreements with China or potential settlements in Ukraine. 

Despite all this, Fink still suggested it can serve as meaningful portfolio insurance for those holding it as a hedge rather than for short-term trading.

Fink emphasized that his perspective has evolved through years of client interactions and discussions with policymakers, calling his change of heart a “very glaring public example” of the need to reassess strong opinions.

Meanwhile, BlackRock, the $13.5 trillion asset manager Fink helped build, now offers several crypto products, including a major Bitcoin ETF, marking a stark contrast to his earlier skepticism.

“There is no chance” that Bitcoin goes to zero, said Mr. Armstrong, who sat beside Fink. Fink also shared an optimistic view for the asset: “I see a big, large use case for Bitcoin,” he said.

BlackRock’s bold embrace of bitcoin and crypto

Back in October, BlackRock said they were developing technology to tokenize a wide range of assets, including real estate, equities, and bonds.

Fink said at the time that global digital wallets held over $4.5 trillion across crypto, stablecoins, and tokenized assets. He noted much of this capital was outside the U.S., presenting opportunities to reach new investors.

Fink said tokenization could allow crypto entrants to access traditional long-term products, like retirement funds. He described Bitcoin and crypto as serving a similar purpose to gold.

This post BlackRock CEO Larry Fink Says He Was Wrong About Bitcoin, Reveals a ‘Big Shift’ in His View first appeared on Bitcoin Magazine and is written by Micah Zimmerman.