- A growing sense of unease pervades the global economic and geopolitical landscape.
- The Bitcoin “magic internet money” narrative is shifting.
- Larry Fink, once a BTC skeptic, now sees it as a shield against global turmoil.
While mainstream media often glosses over harsh realities, escalating geopolitical tensions and an uncertain economic outlook, particularly the unpayable US national debt of $35 trillion, paint a very different picture.
In a surprising twist, BlackRock CEO Larry Fink stunned CNBC viewers with his candid assessment of the global situation. Even more unexpected, he suggested that Bitcoin could act as a financial shield against uncertainty.
Bitcoiners Welcome Endorsement
BlackRock CEO Larry Fink shocked viewers during a recent CNBC interview by suggesting that Bitcoin could offer a safeguard against ongoing geopolitical and economic turmoil.
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Even though BlackRock has recently embraced Bitcoin, Fink’s candid acknowledgment of global challenges and Bitcoin’s potential role in mitigating them marked a surprising break from the mainstream narrative.
Fink described Bitcoin as a legitimate, uncorrelated financial instrument, particularly valuable in times of fear and currency debasement. He stressed that Bitcoin has a role for investors looking for financial autonomy beyond political or jurisdictional control.
While the crypto community has widely embraced Fink’s support for Bitcoin, his recent comments significantly depart from his earlier stance.
Fink: I Was Wrong
Although the crypto community has embraced Fink’s newfound praise for Bitcoin, it wasn’t always so. Back in late 2017, as Bitcoin surged towards its historic $20,000 all-time high, Fink characterized its growing interest and trading volume as indicative of the demand for money laundering.
JPMorgan’s Jamie Dimon famously echoed Fink’s sentiment at the time, labeling Bitcoiners as “stupid” and even threatening to fire any employee caught trading the cryptocurrency.
Fink has since acknowledged that he was wrong about Bitcoin. After studying it more closely, he told CNBC’s Jim Cramer, “my opinion [for] five years was wrong.”
On the Flipside
- Gold made another new all-time high of $2,620/Oz on September 20.
- BlackRock‘s endorsement of Bitcoin has some questioning its underlying motives.
- Whether Bitcoin is independent of traditional markets remains a contentious issue.
Why This Matters
With Fink joining the chorus of Bitcoin believers, the line between cryptocurrency and TradFi blurs, paving the way for greater mainstream adoption.
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