According to billionaire Mike Novogratz, Larry Fink, the CEO of the world’s largest asset manager BlackRock, is “orange pill”. In other words, he has turned from a disbeliever into a big fan of bitcoin (BTC). This was reported by the CEO of Galaxy Digital in a interview with Bloomberg.
As Bitcoin bounces back after a year of crypto losses and scandals, Galaxy Digital’s Mike Novogratz says one man in particular is giving him a reason to remain bullish https://t.co/FVYPX3fbV5
— Bloomberg Crypto (@crypto) August 1, 2023
Bitcoin-friendly BlackRock CEO conversion
Fink is the CEO of the huge BlackRock. The investment firm manages $8.6 trillion in assets. Recently, BlackRock made headlines in cryptocurrency news after applying for a bitcoin exchange-traded fund (ETF).
According to Novogratz, this means that Fink has converted. A few years ago, the CEO of BlackRock was not happy with bitcoin and mainly called it a vehicle for money laundering. Fink now sounds very different about cryptocurrencies, Novogratz reports:
“Larry was a non-believer. He now he says, “Hey, this is going to be a global currency.” People all over the world all trust him.”
According to Novogratz, Fink is “the biggest thing that’s happened to bitcoin this year.” By this he refers to the significant increase in the price of bitcoin after Blackrock submitted its application for a bitcoin ETF. According to Novogratz, Fink’s filing with BlackRock will pave the way for many other ETFs.
Bitcoin ETFs have all been rejected in the past
In recent years, all applications for a spot bitcoin ETF in the United States have been rejected by the contracting government agency. This is the notorious United States Securities and Exchange Commission (SEC). However, there is hope with Blackrock that it will work this time. In the past, the SEC has rejected only one application for BlackRock ETFs, but this is obviously not a guarantee.
Novogratz himself is the CEO of Galaxy Digital, a company that invests in crypto startups. Digital Galaxy bought, among other things, the GK8 technique of the failed crypto platform Celsius. Galaxy Digital had also filed a bitcoin ETF filing with the SEC in the past but it was rejected. The company has a bitcoin ETF in Canada and launched a solana fund (SOL) in late 2021, but it’s not an ETF.
