Larry Fink traces the evolution of his thinking on Bitcoin: from a tool for money laundering to launching the world’s largest spot ETF.
BlackRock’s CEO, Larry Fink, recently described the journey that led him to revise his opinion on Bitcoin, moving from a strongly critical view to that of manager of the largest exchange-traded fund (ETF) on Bitcoin.
During the DealBook Summit organized by The New York Times on December 3, BlackRock’s chairman and CEO answered questions from journalist Andrew Ross Sorkin about his stance on Bitcoin and the digital asset sector. Fink described his journey as “a very glaring public example of a big shift in [his] opinions.”
Speaking alongside Brian Armstrong, CEO of Coinbase, Fink admitted: “My thought process always evolves.” Eight years ago, he primarily associated Bitcoin and digital assets with illicit activities such as money laundering. Today, however, BlackRock manages billions of dollars in BTC exposure through its spot ETF.
During the panel, Fink described BTC as “an asset of fear,” emphasizing that, in his view, the price had fallen following news of a trade deal between the United States and China and a possible end to the conflict in Ukraine. “You own bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” Fink said, adding that the fundamental long-term driver remains concerns about the debasement of financial assets due to deficits.
BlackRock’s CEO also acknowledged the challenges associated with bitcoin’s price for those who treat it as a trading vehicle rather than a long-term hedge. “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.” Fink stated.
These current statements contrast with those made in October 2017, before the rally that brought bitcoin’s price to new all-time highs. At the time, Fink said the asset “demonstrates how much demand there is in the world for money laundering.”
In January 2024, eight years after that statement, the U.S. Securities and Exchange Commission (SEC) granted BlackRock authorization to launch one of the first spot ETFs on Bitcoin. The iShares Bitcoin Trust ETF, ticker IBIT, surpassed $70 billion in assets under management (AUM) in 2025.
