Sunday, January 29, 2023

Larry Fink Takes a Jab at Bitcoin, Calls It a Tool for Money Laundering

Larry Fink Takes a Jab at Bitcoin, Calls It a Tool for Money Laundering

On Friday 13th October, CEO of investment management giant BlackRock Larry Fink joined the bankers’ chorus blasting Bitcoin. Speaking to the Institute of International Finance, he basically said its only use is as a means to launder money.

Also read: Jamie Dimon Doubles Down, Calls Daughter Stupid for Owning Bitcoin

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Bitcoin Is an Index for Money Laundering

Fink told the audience that Bitcoin is an “index for money laundering.”

He seemed to be prompted by someone to comment on the currency and, while speaking at the same event where Jamie Dimon recently called Bitcoin buyers “stupid”, decided to take his own jab at it.

“Let me just say one thing about Bitcoin. Bitcoin just shows you how much demand for money laundering there is in the world. That’s all it is. It’s an index of money laundering.”

This comment was followed by chuckles and applause from the audience, apparently approving of this sentiment.

Fink’s flippant comments regarding Bitcoin seem to show, at the very least, that he does not share the same optimistic view of Bitcoin that other industry leaders share.

Also Larry Fink: ‘I’m a Big Believer in Cryptocurrency’

Maybe the most interesting thing about Larry Fink’s comments is that, just a couple weeks prior, he had some positive things to say about both Bitcoin and Cryptocurrency in general.

During an interview with Bloomberg, Fink said he saw huge opportunities for cryptocurrency, and that he is a big believer in it.

This was despite claiming that he didn’t see much current interest from customers to invest in it, and thinks most activity around it right now is purely speculative.

“Related to cryptocurrencies, I’m a big believer in the potential of what a cryptocurrency can do. You see huge opportunities, but what we’re talking about today, it’s much more of a speculative platform, people are speculating on it.”

However, such an attitude is noteworthy considering the reported interest that Goldman Sachs has expressed in offering Bitcoin trading options for its own customers.

BlackRock is the world’s largest asset manager with $5.7 trillion USD in assets under management as of July 2017.

What do you think of Fink’s comments regarding Bitcoin? What of his supportive attitude towards cryptocurrency just weeks prior? Let’s hear your thoughts below.

Images via BlackRock, Larry Fink

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