The Mood All Changed

BlackRock's Larry Fink Praises Bitcoin and Gemini's Cameron Winklevoss Threatens Legal Action on Behalf of Gemini Earn Customers

Larry Fink talking silliness on Fox Business. Source: Fox Business

BlackRock CEO sings Bitcoin’s praises — all of a sudden

In 2017, BlackRock CEO Larry Fink called Bitcoin “an index of money laundering”.

Yesterday, after apparently having a change of heart, Fink, in an interview on Fox Business, ineloquently alluded to bitcoin being a better inflation hedge than gold:

“Instead of investing in gold as a hedge against inflation — a hedge against the onerous problems of any one country or the devaluation of your currency of whatever country you’re in… Let’s be clear, bitcoin is an international asset.”

He went on say that bitcoin is “digitalized gold.”

Yet, in another part of the interview, he illustrated just how much he doesn’t understand Bitcoin:

“Specifically on bitcoin as I’ve said in the past, we’re a believer in digitization of products… We do believe that if we can create more tokenization of assets and securities — and that’s what Bitcoin is — it can revolutionize finance.”

No, Larry, that’s not what Bitcoin is. You’re a fiat clown.

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Bitcoin is an asset that we’re monetizing from the ground up. It’s not a security, and it has no inherent value outside of it’s technological capabilities and the system that secures it. It’s an alternative to the current fiat system, not a tokenized version of an asset in it.

And it’s odd that Fink — once the captain of the ESG narrative — now has no problem singing the praises of Bitcoin, a network that uses a tremendous amount of energy, some of which is non-renewable, to sustain itself.

So, what is Fink really thinking?

Lyn Alden meme’d it best:

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Let’s move on.