Larry Fink fait volte-face sur le Bitcoin

요약 보기

래리 핑크 BlackRock CEO가 Fox Business 인터뷰에서 비트코인을 금의 대체재이자 통화에 묶이지 않은 국제 자산으로 긍정 평가하며 과거 입장을 뒤집었다. 배경으로 비트코인 현물 ETF 발행 추진과 인플레이션·경기침체 우려 속 고객 자산 다변화 수요가 거론된다. 다만 ETF는 아직 SEC 승인이 필요하며, 같은 기간 가상자산 거래량은 급감했다.

다듬은 글

※ 자동 자막 원문(다듬기 전)

01. Larry Fink, CEO of the world's largest asset management firm, BlackRock, now supports Bitcoin, which he sees as a potential revolution in finance. This surprising support comes from the same executive who once called Bitcoin a money laundering indicator. So what are the reasons for this change of tune?

02. We'll come back to that in the critical analysis after the week's essential news. A quick recap on BlackRock and Larry Fink before we delve deeper into this topic in the week's critical analysis: the company's CEO stated in an interview with Fox Business that cryptocurrencies can digitize gold in many ways and that his company wants to democratize cryptocurrencies by launching a Bitcoin spot ETF called High Shares Bitcoin Trust.

03. Despite his past criticisms of Bitcoin, Fink now seems to see BTC as a potential alternative. However, the TF proposal still needs to be approved by the SEC, the American stock market regulator, which has so far been strict in its regulatory framework for cryptocurrencies. For the second piece of news, we're still with an American company, Bitcoin Deposit, a leading company in the market.

04. Bitcoin ATMs in North America, which went public under the ticker BTM on the Nasdaq on July 3rd, following its merger with GSR, a company specializing in mergers and acquisitions, aim to increase its international presence through this operation. Despite the relatively small number of Bitcoin ATMs in France, these machines have been very successful internationally, particularly in the United States, where there were nearly 27,000 Bitcoin ATMs at the end of 2021.

05. In other news, we remain in the United States where Revolute is removing certain cryptocurrencies. The neobank Revolute announced that it will cease supporting the polygonal cryptocurrencies Cardanoada and Solana for its users in the United States, notably in response to recent regulatory changes by the Securities and Exchange Commission (SEC).

06. Revolute informed its American customers that those holding these assets have until September 18th to exchange them, otherwise the platform reserves the right to sell the tokens. Their place: this decision is limited to Revolut's US subsidiary and will not affect other jurisdictions. At the same time, other platforms like Robin Hood and iToro have also had to delist their cryptocurrencies for the same regulatory reasons.

07. In other news, we're looking at cryptocurrency transaction volumes, which are plummeting in the second quarter of 2023. In fact, cryptocurrency transaction volumes have suffered a significant decline, decreasing by 2.5 times in the last quarter, according to the data analytics firm Kaiko. This reduction is the largest since the fall of 2020, despite Bitcoin's recent rise to $30,000.

08. Meanwhile, other cryptocurrencies, known as altcoins, are experiencing an even more pronounced downward trend, notably due to recent actions by the SEC, which considers some of these assets as financial securities and therefore not regulated as such. For this week's crypto analysis, we're looking at the statements of BlackRock CEO Larry Fink regarding Bitcoin.

09. On the very day the FOMC released the minutes of its June meeting, Larry Fink, CEO of BlackRock, the world's largest asset management firm, appeared on television to suggest that Bitcoin could revolutionize finance. And yes, Larry Fink, who had previously criticized Bitcoin and even called it a "money laundering indicator" in 2017, is now singing its praises.

10. In fact, he lauded Bitcoin on Fox Business yesterday, describing it as a global asset unlinked to any currency and potentially usable as an alternative investment tool in a world rife with inflation and geopolitical risk. These remarks coincided with the release of the Federal Reserve minutes, which suggested a sharp turnaround.

11. Due to strong job creation, modest GDP growth, and persistent inflation concerns, markets reacted with apprehension to the anticipated more restrictive monetary policy, resulting in a downward trend for most of Thursday. So why is this important? Well, because... Many Bitcoin proponents have long referred to the digital currency as digital gold or Gold 2.0, and it's interesting to note that one of the most influential voices in the financial sector could express a similar viewpoint.

12. However, Mr. Fink's ideas go beyond mere rhetoric. With a comparison to gold, he notably stated, and I quote, "Instead of investing in gold as a hedge against rising prices or currency devaluation in your country, let's be clear: Bitcoin is an international asset. It's not based on any currency and can therefore represent an asset that people can use as an alternative." In fact, this sentiment represents a complete break with his previous positions.

13. He amplifies the discourse on digital gold by acknowledging that Bitcoin is a form of currency that knows no borders. While these arguments are not new, this is a significant shift for BlackRock, marking a 180-degree turn from Fink's vision on the subject. At the same time, one naturally wonders about the reasons for this reversal.

14. A simple explanation, besides... The prospect of issuing a Bitcoin ETF and thus generating revenue, coupled with BlackRock's growing nervousness about the economy—with runaway inflation, interest rates multiplying twentyfold, and bankrupt banks—and heightened fears of an impending recession, are driving these clients, including insurance companies, pension funds, and wealthy individuals, to diversify their assets at a time when the stock market could deteriorate due to the economic outlook.

15. In this interview, discussions about wealth protection inevitably touched on gold, given its history, but they also touched on Bitcoin. Its potential to hedge against inflation with guaranteed scarcity was a recurring theme. After all, BlackRock didn't become a $10 trillion asset manager by ignoring its clients' wishes.

16. And ultimately, if they are expressing a growing interest in Bitcoin, wouldn't Larry F. and BlackRock have an interest in responding to their demand? The answer seems obvious. Here's what you need to remember. Cryptocurrency news this week, and we'll meet again next week for another overview.