Fink reflects on an eight-year evolution from skepticism to leading one of the world’s largest spot Bitcoin ETFs
BlackRock CEO Larry Fink has offered his clearest explanation yet of the firm’s transformation from crypto skepticism to becoming a dominant force in the spot Bitcoin ETF market. Speaking at the DealBook Summit, Fink outlined how his thinking has shifted over the last decade—an evolution he described as a “glaring public example of change.”
In conversation with journalist Andrew Ross Sorkin and joined by Coinbase CEO Brian Armstrong, Fink acknowledged that he once viewed crypto primarily through the lens of illicit finance. That stance shifted dramatically as institutional demand grew and the digital asset market matured.
“My thought process always evolves,” Fink said, noting that BlackRock’s adoption of Bitcoin exposure reflects broader changes in global investment patterns rather than a sudden ideological pivot.
Yet his tone remained measured. Fink characterized Bitcoin as “an asset of fear”, suggesting its price movements often respond to geopolitical tension rather than fundamentals. He pointed to recent declines following developments in U.S.–China trade relations and potential progress toward ending the war in Ukraine.
“If you bought Bitcoin 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,” he cautioned.
BlackRock’s iShares Bitcoin Trust (IBIT)—approved in January 2024—quickly grew into one of the most valuable Bitcoin ETFs, reaching a peak of roughly $70 billion. But the product has not been immune to volatility.
Net outflows exceeded $2.3 billion in November, though BlackRock executives stressed that ETFs remain reliable mechanisms for institutional exposure. One senior director noted that such instruments are “liquid and powerful tools for market access.”
Fink’s remarks underscore how far the industry has moved since 2017, when he said Bitcoin reflected “demand for money laundering.” Today, BlackRock sits alongside Fidelity, VanEck, ARK 21Shares, and others shaping regulated pathways into digital assets.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.