Blackrock CEO Larry Fink Changes Stance On Bitcoin

Bitcoin’s Low Puts CoinbaseInto Facing Latency Problems

Bitcoin(BTC) remains the leading cryptocurrency in the Blockchain space. It is not only the most popular but currently the most valuable, a status it had occupied since its inception eleven years ago. Investors and traders of the cryptocurrency have enjoyed massive upturns in the future, although some believed it was a fluke and will never see the light of the day.

The year has seen at least two billionaires who have now made a U-turn on their previous stance on BTC. Firstly, Masayoshi Son, the billionaire founder and CEO of Japanese conglomerate SoftBank, claims he doesn’t understand bitcoin as it is too volatile, and now Larry Fink, CEO of Blackrock, a $7.43 trillion asset management firm.

Fink backs Bitcoin to end up as a global market

In a surprising twist of turn, Fink, who was in a conversation with Mark Carney, a former Governor of the Bank of England, at a Council on Foreign Relations (CFR) meeting on Monday concluded that BTC would eventually end up into a global market if it continues with this its rise.

However, Fink still thinks the market is still thin as it needs more people in the space. He believes that the market can capitalize on the attention it is currently gaining and bring in more investors into the space. The sudden appeal of BTC to Fink could also be credited to his business partner Rick Rekder, CIO of BlackRock.

Rick Reider once stated that he believes the surge of BTC could upscale the gold market. Fink, who has started believing in BTC and other Altcoins, also feel like digital currencies will begin to question world reserve currencies like the dollar. He further stated that he believes that BTC will become a global legal tender that will be accepted everywhere in the future.

Larry Fink says Bitcoin is used for money laundering in 2017

In October 2017, during a meeting at the Institute of International Finance, Larry Fink slammed BTC by calling it “An index for money laundering”. He believed that the cryptocurrency was a scheme to launder money, and he feels its investors are reaping from the laundering. In September of the same year, JP Morgan Chase CEO Jamie Dimon called people who own BTC “stupid” and believe it is a fraud.

The investors will lose significantly if they do not turn their attention off the cryptocurrency. It is also worthy to note that Larry Fink’s also in 2018 stated that BTC is not legitimate. “I don’t sense that any government will allow that unless they have a sense of where that money’s going,” Fink said.

BTC continues to be on a high, at least with news from this week. It is also worthy to note that Fink’s company Blackrockhas also committed to BTC by investing 38,250 BTC in Microstrategy. This is a further statement cements Fink’s new stance on BTC. However, analysts and investors will continue to hope that the cryptocurrency will win its detractors in the future.