NEW YORK — BlackRock CEO Larry Fink publicly admitted that he was “wrong” to criticize Bitcoin in the past, marking a significant ideological shift for one of Wall Street’s most influential figures. Speaking at the New York Times DealBook Summit, Fink said, “my thought process always evolves,” and described his earlier skepticism as a “big shift” in his thinking. This reversal reflects growing institutional acceptance of cryptocurrencies.
From Skepticism to Strategy
According to a report by Yahoo Finance, Fink acknowledged that his initial view of crypto’s potential was incorrect and emphasized that continued conversations with clients, policymakers, and industry leaders influenced his perspective.
In 2017, Fink once famously described Bitcoin as “an index for money laundering,” and even added “and thieves” during a later interview. His latest comments highlight a dramatic evolution of opinion, with Fink calling this change a “glaring, public example” of reassessing strong views.
Bitcoin as an “Asset of Fear”
According to Cointelegraph, Fink now describes Bitcoin as an “asset of fear” — a store of value investors turn to during economic uncertainty, geopolitical risks, or fears of currency debasement. This outlook compares Bitcoin to traditional hedges like gold, positioning it as a long-term portfolio asset rather than a speculative trading tool.
Fink cautioned that Bitcoin remains volatile, particularly for traders relying on market timing, reinforcing the idea that its greatest value may lie in risk management and diversification.
Institutional Backing
BlackRock’s shifting stance is backed by action. The company launched its iShares Bitcoin Trust ETF (IBIT) in early 2024, becoming one of the largest and fastest-growing Bitcoin ETFs. According to Yahoo Finance, the ETF has accumulated more than $70 billion in assets and stands among the largest Bitcoin holders in the corporate world.
Fink and BlackRock COO Rob Goldstein recently outlined a broader vision for the future of finance, arguing that tokenization of traditional assets — from stocks to real estate — could improve transparency and reduce costs in global markets. Their perspective was featured in a column published in The Economist.
Market Reaction and Broader Trends
The Wall Street community’s reaction has been largely positive. Fink’s comments have circulated widely on social media platforms like X, where crypto news channels emphasized the “mega bullish” implications of his reversal. Many analysts believe his admission offers institutional investors “permission” to consider small allocations to Bitcoin as part of diversified portfolios. Fink’s pivot also reflects a wider shift in traditional finance: major firms such as Fidelity and Tesla increasingly view Bitcoin as a hedge against inflation and a store-of-value asset. Some market participants speculate that clearer regulation and increased institutional investment could fuel further mainstream adoption into 2026.
