Blackrock CEO Said Bitcoin is an “index of money laundering”
In 2017, Larry Fink, the CEO of BlackRock, criticized Bitcoin, referring to it as an “index of money laundering.” He also commented that Bitcoin simply highlighted the extent of demand for money laundering worldwide.
It’s worth noting that at the time of his statement, Bitcoin was trading below $10,000. Larry Fink’s remarks came shortly after Jamie Dimon, the CEO of JPMorgan Chase, had referred to individuals who owned the cryptocurrency as “foolish.”
Current Stand of Larry Fink For Bitcoin
Six years later, Larry Fink’s stance on Bitcoin has done a complete 180-degree turn. He now holds a much more positive view of Bitcoin, and BlackRock has taken several significant steps to embrace the cryptocurrency and the industry.
In 2021, BlackRock initiated the offering of Bitcoin exposure to its institutional clients through the Aladdin platform. Then, in 2022, BlackRock submitted an application to the US Securities and Exchange Commission (SEC) for a spot Bitcoin exchange-traded fund (ETF).
In 2020, Larry Fink began expressing optimistic views about Bitcoin. In a discussion with the Council on Foreign Relations back in December 2020, Fink stated that Bitcoin has the potential to transform into a “global market” due to its ability to capture the “interest and imagination” of Millennials. He emphasized that BlackRock regards Bitcoin as a legitimate and tangible asset.
It must be noted that Blackrock has applied for the spot Bitcoin ETF with US SEC and it is one of the frontrunners.
Status of Blackrock ETF Application
BlackRock’s spot Bitcoin ETF application is still under review by the SEC. The SEC has not yet approved any spot Bitcoin ETFs in the United States. BlackRock applied for a spot Bitcoin ETF on June 15, 2023.
The US SEC Chair Gary Gensler said that the SEC has 8 to 10 spot Bitcoin ETF filings in front of them for consideration. Gensler’s comments suggest that the SEC is willing to consider these applications and that there is a chance that a spot Bitcoin ETF could be approved in the near future.
Blackrock’s ETF application is one among those applications that is under US SEC review. Since the application, the US SEC has 240 days to approve the ETF. The 240-day SEC comment period for the Blackrock application expires on Jan. 10, 2024.
Bitcoin price surged above $35,000 recently, the highest since 2022. The current momentum is an indication of an upcoming bull run. As per the latest data, the current bull run is marked by institutional purchases.
However, the bull run did cool in the last 24 hours but there are higher chances of Bitcoin price surging once again.