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but most importantly what I think about most of these cryptocurrencies it just identifies how much money laundering there is being done in the world this is Larry Fink CEO and co-founder of Black Rock the world's largest asset manager is it time yet for Black Rock to either trade in digital assets or digital virtual currencies if you prefer or to create a product for your clients we're not hearing we're not hearing any demand from any of our clients is it true that you're building out of cryptocurrency capability uh no his initial attitude towards Bitcoin was one filled with skepticism and disdain don't your clients want crypto exposure no I don't believe any client has sought out crypto exposure really yes but at some point they might do you need to be prepared I don't at the moment no Larry has has your view on cryptos uh changed it all two years ago I think you called Bitcoin an index of of money laundering um do you remember that I do um now okay so another broad statement so another casual dismissal laughing off Bitcoin like he was told the world's funniest joke but eventually his stance slowly softens about cryptocurrency and Bitcoin you have been uh I think skeptical a bit reluctant well I'm still fascinated about it I'm encouraged by how many people are focusing on it I'm encouraged about the narrative it may become a great asset class we have seen a Spate of new Bitcoin ETF offerings recently uh including from black rock those paying attention could tell a change was underway we're going to follow this very carefully folks because again they're not going to waste their time trust me Black Rock isn't if they don't think they have some chance of doing something here we are hearing from clients around the world about the need for crypto and I think there's more people running into a but fight the quality whether that is in treasuries gold or crypto depending on how you think about it and I believe crypto will play that type of role as a flight to Quality a flight to Quality quite the 180 there Larry the world's most influential asset manager has gone from openly mocking Bitcoin to accepting satoshi's warm embrace so now the race is on can you out bu the world's largest asset manager and if you can what does that mean for your future is Larry going to pump Bitcoin to the moon or is he hedging his bets and simply trying to take over the Bitcoin Network for him and his banking cronies let's find out on Discover crypto Black Rock was founded by Larry Fink and several Partners in 1988 previously Larry was a hot shot at first Boston but a hundred million bad beted on a deal sent his career into a tail spin forcing him out rising from those ashes he launched with some former partners with a renewed interest in strong risk management I guess losing $100 million will do do that to you within months the company was profitable and by the next year had $2.7 billion in assets 5 years later in 1993 that balloon to over $50 billion 5 years after that black rock went public their Holdings have grown from 50 billion to $165 billion at this point but they still aren't the world's largest asset manager that wouldn't happen until 2009 10 years later by that point Black Rock had hit the trillions they now have 3.2 trillion at their disposal to invest but if you fast forward to today that number is near $1 trillion but is Black Rock too big do they have too much influence critics point out Black Rock owns a majority in several of the largest companies in the world including companies that compete against each other many would say this is anti-competitive monopolistic it sure sounds sketchy but is it really well let's use Airlines as an example black rock is the second largest stakeholder of American Airlines with 5.5 5% but lo and behold they also have a 6% stake in Delta Airlines oh and did I forget Alaskan Airlines they own some of that too and Jet Blue and while on the surface you might say well Dey what's wrong with owning several different airlines competing against each other a whole lot is wrong with it and let me tell you why a 2014 study analyzed the effects of this exact scenario on airline ticket prices the study found that when airlines are owned by the same investor quality goes down while prices go up sounds like how Monopoly would behave if you ask me well what does that mean for Bitcoin well if you go by Larry's comments Black Rock might have ignored Bitcoin in the past but they can ignore it no longer what was it he said again and I believe crypto will play that type of role as a flight to Quality flight to Quality well Bitcoin is a quality asset that means Black Rock wants exposure right they're going to buy millions of Bitcoin to huddle correct well let's look at the facts the first major shift towards crypto happened in April 2022 that's when Black Rock invested in in a $400 million round in circle the company behind the usdc stablecoin well why would Black Rock team up with a crypto company if their clients have no interest in crypto because their clients are interested in crypto and black rock understands that plus according to circle's press release Black Rock will function as a primary asset manager of usdc cash reserves not a bad deal since Circle has over $25 billion in reserves 4 months later in August 22 Black Rock scored another major crypto partnership this time with coinbase black rock began offering Bitcoin custody and trading services to their clients that's right they're onboarding their clients which are primarily large institutions and even though Larry had previously said there was no demand from clients their own Global head of strategic Partnerships disagreed our institutional clients are increasingly interested in gaining exposure to digital asset markets you know there's a Maya Angelo quote when someone shows you who they are are believe them the first time black rock is showing us they are secret Bitcoin bulls and that brings us to recent events black rock is gearing up to offer a Bitcoin ETF this ETF would be a major milestone for the crypto industry making Bitcoin more accessible to the mainstream it opens up opportunities for retirement accounts and 401ks allowing millions of Americans to invest in Bitcoin more easily and reducing several tax burdens approval is still pending but judging by black Rock's record for ETF approvals 575 to1 I feel pretty good about its chances approval is not expected until q1 2024 if and when that happens there might not be any more chances for cheap Bitcoin at least compared to today's prices Black Rock isn't known for picking losers and no asset class has a better track record than Bitcoin I know I'm spending this time now to load up my bag of Bitcoin hopefully you're doing the same my name is DZ for discover crypto and I'll see you at the top
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