BlackRock CEO Larry Fink Is The Best Thing To Happen To Bitcoin, Mike Novogratz Says

Scott Matherson

1 year ago

3 mins read

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BlackRock officially announced its entrance into Bitcoin earlier this year by filing for a Spot Bitcoin ETF with the United States Securities and Exchange Commission (SEC). Although the regulator is yet to accept the filing, CEO Larry Fink has also made some supportive comments, comparing BTC to digital gold.

In light of these events, Galaxy Digital CEO Mike Novogratz has come forward to share his opinions on BlackRock CEO Larry Fink and how he affects the digital asset.

BlackRock CEO’s Pivoting Sentiment Toward Bitcoin

Galaxy Digital CEO Mike Novogratz has stated that BlackRock’s CEO Larry Fink’s change of heart is the best thing to happen to Bitcoin.

“I think the most important thing that happened this year in Bitcoin is Larry Fink,” Novogratz mentioned during an interview on Bloomberg TV with David Rubenstein.

Novogratz believes Fink’s acceptance of Bitcoin highlights a shifting sentiment towards Bitcoin and other digital currencies worldwide.

According to him, “180 million people around the world, without a gun to their head, take their hard-earned savings and store it in this community of people that run this technology, you know, called bitcoin.”

He further opined that Fink’s change of heart, alongside the increasing adoption of cryptocurrencies, could help Bitcoin surpass its all-time high of $69,000 recorded in 2021.

Blackrock’s CEO Larry Fink was long known to be a skeptic of cryptocurrencies as he once went as far as tagging BTC an “index of money laundering.”

“Bitcoin just shows you how much demand for money laundering there is in the world,” Fink stated in 2017.

BTC price continues to fall as it trades at $28,789 | Source: BTCUSD on  Tradingview.com

However, there has been a change of heart from the CEO as earlier in June, BlackRock filed an application to the SEC to establish a Bitcoin spot ETF, a move that saw some other institutions file a similar application.

In fact, in a show of support for cryptocurrencies, Fink stated that crypto, especially bitcoin could “revolutionize finance.” During an interview with Fox Business, he stated: “We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”

Regulatory Environment Far From Certain

Novogratz also noted Ripple’s recent victory over the SEC, with a judge ruling that the XRP token isn’t a security when sold on secondary exchanges. The Galaxy Digital CEO believes the court’s decision highlights the fact that regulators are still not familiar with the crypto space, and regulations from these regulators “are nowhere close to clear.”

The United States Securities and Exchange Commission has, so far, continued to label many cryptocurrencies as “securities” and filed separate lawsuits against different crypto exchanges and firms for allowing the trade of “unregistered securities.”

However, if the recent ruling is anything to go by, it is obvious that the regulators are mistaken, and there is a need for the US Congress to enact crypto-related laws for stakeholders (including regulators) to gain more clarity on how to navigate the industry regulatory-wise.

Featured image from CryptoSlate, chart from Tradingview.com

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

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Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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