BlackRock CEO’s Crypto About-Face

The actions by the head of the $10 trillion asset management firm say that crypto is ready for mainstream investment. That’s why Larry Fink is one of CoinDesk’s Most Influential 2022.

AccessTimeIconDec 5, 2022 at 12:44 p.m. UTC
Updated Sep 28, 2023 at 2:24 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Larry Fink, CEO of BlackRock, the world’s largest asset manager, changed his stance on crypto during 2022, sending strong trust signals to the markets.

Back in 2017, Fink said bitcoin was an “index of money laundering.” But in the summer of 2022, BlackRock, with $10 trillion under management, made two forays into bitcoin, further cementing the asset’s establishment as a mainstream investment.

The asset manager connected its Aladdin investment platform to Coinbase Prime, giving TradFi investors access to bitcoin, as prelude to expansion into other cryptocurrencies eventually. The firm also announced a spot bitcoin private trust, giving its clients direct exposure to the world’s largest cryptocurrency by market cap.

These moves were in response to demand from clients, BlackRock noted in its announcements, showing how even the biggest traditional investment bankers can’t ignore crypto any more.

As big TradfFi firms advance into crypto, they bring an infusion of cash and open the floodgates to hordes of new consumers and investors. However, the old-guard crypto community is apprehensive. What was envisioned as an anarchic financial technology is increasingly being co-opted by large institutions. Based on his moves in the past year and his enormous influence on the world of finance, Fink will be one of the people to shape crypto’s future, including just how close it stays true to its anti-establishment beginnings.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Eliza Gkritsi

Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.