Larry Fink creates alignment between BlackRock and the purpose of Bitcoin as the race for ETFs continues

Larry Fink, whom Coin Bureau's leading reporter Guy Turner describes as "the most powerful man on Wall Street, a consigliere (mentor and confidant) to presidents and prime ministers and the man at the hub of the wheel of American capitalism," has advocated for Bitcoin (BTC), during an interview with Fox Business. His assertions come amid an ongoing campaign for spot BTC Exchange Traded Funds (ETF) approvals after several firms continue to pile documents before the US SEC.

Also Read: Valkyrie updates spot Bitcoin ETF filing, partners with Coinbase to challenge SEC's criticism

Larry Fink advocates for Bitcoin over gold

Larry Fink, CEO of the world's largest asset manager, BlackRock, made compelling remarks during a July 5 interview, calling Bitcoin an international asset whose role is to digitize gold.

In his opinion, investors should leverage BTC as a hedge against inflation instead of the traditional use of gold, adding that it protects against currency devaluation.

Fink articulates Bitcoin's role as an international asset as a store of value for everyone, using the opportunity to pedal BlackRock, saying that the asset management company's foundation is hope.

Presenting Bitcoin as a safe alternative for gold and the currencies of different countries and drawing reference to BlackRock as a hub for hope, Fink successfully creates alignment between his firm and the flagship crypto.   

Larry Fink touts BlackRock amid ongoing spot Bitcoin ETF race

Larry Fink used the airtime to campaign for spot Bitcoin ETF approvals amid ongoing filings as institutional players push to leverage the cryptocurrency industry's demand for regulated investment products. As players in the traditional finance (TradFi) space race to have their filings approved, Fink urges the US SEC to "look at spot ETFs as a way to democratize cryptocurrency."

This underscores an excerpt from a spot Bitcoin ETF filing by Valkyrie, stating, "The shares are designed to provide investors with a cost-effective and convenient way to invest in Bitcoin. They [shares] represent units of fractional undivided beneficial interest in and ownership of the Trust."

Fink's statement also borders on promoting Bitcoin adoption as he echoes that BTC can act as a hedge against the "onerous problems of any one country." On a timely note, the expressions and newly found interest in the flagship crypto comes after the recent crises among US banks, as regional bank stocks plummeted, causing trading suspensions.

Among them were PacWest Bancorp, Western Alliance Bank, and Metropolitan Bank. Silicon Valley Bank (SVB) also shut down, with the California Department of Financial Protection and Innovation (DFPI) citing "inadequate liquidity and insolvency."

Following the tumultuous tide that befell TradFi in Q2 of 2023, institutional investors have learned the hard way that investor interest in digital assets is unabated. The crises showed that Bitcoin has validity, is here to stay, and has an unprecedented potential to put banks with their fees out of business.

As the race for approval continues, the latest development is Valkyrie updating its filing, but Fink still believes BlackRock is the fastest horse in the race, saying in the interview, "Our record speaks for itself."

Rumors of SEC meeting iShares next week

Meanwhile, rumors have spread about a planned move by the SEC to meet spot BTC ETF applicants next week, according to BitcoinSistemi, which cited "a securities attorney who claims to have inside information."

While there has not been any confirmation about the validity of that speculation, FXStreet is committed to sharing insight found to be insightful and useful from legit sources. Accordingly, a senior ETF Analyst at Bloomberg confirmed the validity of the source.

If the meeting does happen, it will provide valuable insight into whether the financial regulator plans to approve an iShares Bitcoin Trust. Nevertheless, the surging interest among TradFi, coupled with the ETF mania's pump effect on Bitcoin price, all sprout from BlackRock's first mover advantage.

Being the highest office in the asset management firm, the decision to file for Bitcoin ETF must have come from Larry Fink, meaning investors' recent BTC profits came courtesy of Fink! Meanwhile, FXStreet will be sure to update you if BlackRock's application passes, as well as the ensuing effect on the market. 

Binance CEO Changpeng Zhao has not shown any bias, saying, “We welcome more players, the larger the better…it will offer more coverage,” during an AMA on June 5.

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