Larry Fink says Bitcoin will become as huge as the US housing market. It doesn't matter whether Donald Trump or Kamala Harris wins on Nov. 5 for that to happen, Fink, who is crypto, said the comments were a turning point. A skeptic three years ago.
Larry Fink says the Bitcoin set will fly no matter who is in the Oval Office.
Apart from other scholars, who Cue $1.2 trillion in asset growth BlackRock's CEO believes growth will be a function of regulations, better analytics and investor acceptance.
“I'm not sure if the president will make a change,” Fink said during the company's third-quarter earnings call with analysts on Friday.
“I don't really believe it's a function of regulation,” he said. “It's a function of liquidity [and] Transparency.”
“Years ago, when we started the mortgage market, years ago when the high-yield market happened, [it] It started very slowly.”
While Fink didn't elaborate on which mortgage venture he was referring to, he suggested that crypto is similar to other new financial products that stall until they scale. For example, BlackRock, a decade ago, Identified Demand was curbed during the housing downturn as it sought distressed mortgage assets.
BlackRock did not return a request for comment on Mortgage Similarity.
The comments were a turning point for Fink, who backed JPMorgan CEO Jamie Dimon on the crypto-spectic side of the debate in 2021. His comments last week were the latest sign of the BlackRock CEO's evolution as one of Bitcoin's most bullish proponents.
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Since the $11.5 trillion asset manager launched its spot bitcoin exchange-traded fund in January, the ETF has amassed billions in investments and broken record after record for traded volume.
The fund manager's bitcoin ETF has grown to $23 billion in the first nine months, “and we will continue to pioneer new products to make investing easier and more affordable,” Fink said on the call.
At the same time, BlackRock's bullish Bitcoin marketing campaign was put into overdrive.
Echoing the bullish views of laser-eyed maximalists in a September investor note, BlackRock analysts compared bitcoin to gold and touted its performance during intense geopolitical crises.
To be sure, Fink doesn't put this year's hotly contested election in the US into that category.
His comments are echoed by Standard Chartered. A UK bank predicts that Bitcoin will hit $200,000 in 2025, whether Donald Trump or Kamala Harris wins the US presidential election on November 5.
This is a key shift from just a few months ago when many in the crypto industry were leaning toward the Republican nominee. In Trump, they ended the Joe Biden administration's crackdown on digital assets.
Since then, Trump and Harris have made pro-crypto statements in their public statements.
Liam Kelly is a DeFi Correspondent News. Got a tip? Email him [email protected].
