Bitcoin (BTC) received a much-needed boost when BlackRock, the world’s largest asset manager, announced its partnership with Coinbase to offer institutional clients access to BTC.
In a blog post, Coinbase said the tie-in offers users of BlackRock’s Aladdin investment management platform direct access to crypto, starting with Bitcoin. Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, said:
“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets.”
On the whole, the news was well received by Bitcoin advocates. For example, the founder of 10T Holdings, Dan Tapiero, called this a significant “macro opportunity” for adoption. He also added that just a 5% shuffle in BlackRock’s $10 trillion assets under management would be worth more than the entire BTC market cap. Similarly, Anthony Pompliano said this moment is “the birth and scaling of a new multi-trillion dollar asset class.”
However, while institutional adoption has long been touted as a golden ticket for Bitcoin and cryptocurrency in general, there is a growing consensus that institutional involvement presents a double-edged sword.
Has Larry Fink changed his tune?
Like many legacy heads, BlackRock CEO Larry Fink has seemingly backpedaled his opinion of Bitcoin over time.
In October 2017, Fink said Bitcoin’s popularity showed the demand for money laundering on a global scale. Then in late 2020, the BlackRock CEO appeared to soften his stance by acknowledging Bitcoin is “here to stay.”
More recently, Fink voiced a positive sentiment towards the leading cryptocurrency, saying it has attracted the interest of prominent billionaires and Wall Street. Moreover, while it is “untested,” it is still “possible” that Bitcoin could develop into a “global market.”
Based on this sequence of events, it seems Fink has come full circle on his view of Bitcoin. But has he? In a CNBC interview broadcast in October 2021, Fink was asked if he sides more with JPMorgan CEO Jamie Dimon’s view that Bitcoin is worthless or whether he believes it has value. Fink answered, “I’m probably more in the Jamie Dimon camp.” This response suggests he has adopted a “can’t beat them, join them” attitude toward digital assets.
Author Saifedean Ammous recently posted a highly critical tweet on BlackRock’s foray into Bitcoin, calling the company…
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