BlackRock CEO Larry Fink stated that he has fundamentally changed his view on cryptocurrencies since 2017, when he perceived Bitcoin as a tool for money laundering. He now considers Bitcoin and crypto assets as alternative investments, similar to gold.
This is reported by Finway
Changing Approach to Cryptocurrencies and Market Position
In an interview with an American television channel, Fink emphasized that markets teach us to reassess our assumptions, and cryptocurrencies, like gold, have their role as alternatives for portfolio diversification. At the same time, he warned investors against excessive concentration of Bitcoin in their portfolios, recommending caution in choosing the proportion of this asset.
“I really said that Bitcoin is a space for money launderers and thieves. But markets teach — you always need to reassess your assumptions. Cryptocurrencies have their role, just like gold: it’s an alternative.”
BlackRock, which manages assets totaling approximately $12.5 trillion, has become one of the key players in the cryptocurrency market. In 2024, the company launched the iShares Bitcoin Trust (IBIT) ETF, which, after approval by the U.S. Securities and Exchange Commission, became the largest crypto-ETF with over $93.9 billion in assets under management.
According to CryptoQuant, as of August 17, 2025, U.S. spot Bitcoin ETFs held over 1.25 million BTC, accounting for more than 6% of the total Bitcoin issuance. Of this amount, BlackRock controlled 748,968 BTC, or nearly 60% of the market among U.S. ETFs.
Role of Institutions and Market Prospects
In the first quarter of 2025, BlackRock attracted $3 billion in digital assets — this represents 2.8% of the total investments in IBIT, with base fees reaching $34 million. During a conference call in 2024, Fink emphasized that Bitcoin is a standalone asset class that serves as an alternative to traditional commodities, including gold.
The head of BlackRock also highlighted that for the continued growth of the cryptocurrency sector, the implementation of artificial intelligence and the development of analytical tools are necessary, and the market’s development does not depend on regulatory changes or the outcomes of U.S. presidential elections.
Larry Fink’s change in rhetoric demonstrates the growing institutional acceptance of cryptocurrencies. As noted by Fabian Dori, Chief Investment Officer at Sygnum, if further confirmation of institutional acceptance was needed, it was provided by Fink himself, pointing to Bitcoin as a potential replacement for the U.S. dollar in the event of a financial crisis. In his view, institutions see crypto assets as a means of preserving value, an alternative payment tool, and a foundation for a decentralized app economy.
“Increasing macro uncertainty, geopolitical tension, and the risk of currency devaluation enhance Bitcoin’s role as a ‘safe haven’,” Dori added.
Previously, BlackRock analysts recommended allocating 1–2% of the investment portfolio to Bitcoin — a strategy that, according to ETF and index products investment director Samara Cohen, allows for maximizing the potential of Bitcoin as a diversification tool.