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Larry Fink, the CEO of BlackRock, recently spoke about Bitcoin in a Fox News interview, stating that Bitcoin is an international asset for him. We'll explore what else he said and whether he's currently on his journey into the Bitcoin rabbit hole in today's video. Enjoy! A few hours ago, Larry Fink gave this interview on Fox News.
I've linked it below in the video description. You can watch it again with the timestamp, of course, because the entire 24 minutes weren't dedicated to Bitcoin. The main focus started around minute 6, where Larry Fink discussed Bitcoin, and especially BlackRock's recent application for a Bitcoin ETF.
He also touched on all the topics we've covered in previous videos. His perspective on Bitcoin is particularly interesting, and it raises the question: is he currently on his journey into the rabbit hole? Many people who begin to engage with Bitcoin are completely transformed by it. This might sound strange, but the reality is that Bitcoin is bringing about a completely new way of understanding money—a money that is not elastic.
A money whose supply isn't constantly increased, and therefore isn't subject to inflation, which can have advantages but also disadvantages, especially for today's financial world. On this journey and this understanding of what Bitcoin is changing, and that the traditional world can no longer keep up, some people find themselves changing their perspectives, especially regarding Bitcoin, but also many other things.
And now one has to ask, is Refink on this journey because BlackRock now offers this Bitcoin ETF? And then one has to honestly say, well, perhaps initially yes, many of the things he says point in that direction. For example, he says that Bitcoin is an international asset for him, and this perspective is interesting because, as I've already explained, our understanding of money is always based on banknotes.
But in reality, money actually represents the currency area where it's used— all services, all production, and so on. And if Bitcoin is a global currency area, then it's as if this currency area could eventually represent the entire global industry. And then it would be a bit like saving up Bitcoin as money; it's a bit like saving up for all the world's production.
So you'd have the equivalent value of one production, and if those productions become more valuable or more efficient, then Bitcoin's value increases because you get more of those productions. That means, all in all, Bitcoin could eventually be something like an MSCI Universe if we humans were to populate the universe or equip it with production.
And yes, that's kind of the direction his statement goes in; he says it's an international asset, which, from this perspective, could perhaps be equated with gold. He says that for everyone who currently invests in gold, it could be quite interesting to take a look at Bitcoin because it has those same properties, but in digital form.
And that's because you ca n't create Bitcoin out of nothing; you always have to do work in the real world. That's what distinguishes Bitcoin from virtually all other digital assets we have. But then he also does many things where you might say, well, that doesn't quite fit the picture of a, um, perhaps aspiring Bitcoin.
He said things like crypto is like digital gold, and in the next sentence, he said Bitcoin is what we use to create tokenized assets. Then you'd think, well, maybe he mixed up the two words: Bitcoin is digital gold, and crypto is what we can use to achieve Turkification. And then you have to question whether crypto can even bring about Turkification, or if it makes no sense at all because we still have central trust entities, and then we don't really need a blockchain.
And that's the big question: how far has the topic really been understood? And that might alleviate some of the fear for those who keep thinking, "Oh man, oh man, they've understood Bitcoin, and that's why they want to destroy and control it." The reality is, you can tell Larry Fink is only at level 3, maybe even on his way down the rabbit hole, and he still has a few thousand levels to go before he really understands why Bitcoin, why the blockchain, is perhaps only useful for Bitcoin.
But on this path, you realize, well, um, he has understood a few things. For example, he says Bitcoin could... Gold is also being replaced as a kind of inflation hedge, meaning having a hedge against inflation that's happening with the US dollar. And that's exactly what I believe is driving asset managers and banks in general to Bitcoin more and more in the future.
Because just as Bitcoin is there for us, it's there for them too, even if trust in the US dollar and other currencies continues to decline. And even if that doesn't happen radically overnight, which is a good thing, but gradually, then it's good if companies like BlackRock are already involved with the new money.
Because whoever gets in last actually has the least advantage from Bitcoin. Because if it remains scarce forever, well, then it's simply better to get involved earlier than later. And accordingly, it could simply be that this realization is slowly dawning and that people are saying, well, we're addressing this topic now because it's time for us, because otherwise we might not be at the top where we are today.
Say something second, very interesting, and here I'd like to refer to the conversation I had with Michaela at dinner. As I've already talked about, Bitcoin's imperfections are something many people think are n't good for us with today's competitive landscape because it's perhaps not anonymous enough.
And yes, Bitcoin is a pseudonym; if you know who owns which address, you know which transactions they're making with that address. Of course, a small problem arises here because you can still mix your coins and thus bring them back into a realm that's unverifiable. It's possible that in the fiat world, these mixed coins might no longer be accepted after a certain point because the law states, "As soon as we can no longer trace where a coin comes from, which person or entity previously owned it, then we won't accept it." This doesn't make Bitcoin unusable, but it does restrict its compatibility with the fiat world, and this could very well happen.
Larry Fink also addresses this, saying, "Well, actually, it's good. We have the verification mechanisms that we so desperately want from the financial world; we already have them built into Bitcoin. We just need to find out who owns which address, and from then on, that's it." Everything here is in a green space, and while this might seem daunting to some at first, the reality is that it's not a problem because every transaction is essentially a melting down of the coins and a re-minting of newly issued coins.
The advantage of this is that we can mix the coins whenever we want. The fiat world is monitoring the process, and there's always a way to observe these processes in some form, no matter how much privacy is implemented on the main layer. Conversely, this means there are always mechanisms for the fiat world to try to collect data and track movements.
That can't be completely ruled out, in some cases via gateways. But the big advantage we have with Bitcoin is that, in the long run, it makes no economic sense to collect such data. This is, of course, a process that will likely take many years. In the long term, Bitcoin solves this problem through adoption itself because we deprive the current monitoring and surveillance system of its monetary value by saving Bitcoin.
And that's precisely what can create a connection in the long term, as long as the four-tier system exists. It will try to further de-anonymize us and make us increasingly transparent, and we see this in all the laws being introduced, whether it's travel regulations or anything else; they are designed to monitor all financial transactions.
Well, and if at some point every bank account, every single bank transaction, even between two private individuals, is checked, then you can no longer simply use a different currency with higher privacy to get in or out of the fiat world. As I said, the problem is always the anchor to the fiat world.
Yes, and to truly curb the power that the fiat system has over us humans, the only way is to demonetize this fiat system, and we do that by saving in Bitcoin. And as I said, if we continue to do this and trust in the fiat system falls, then it's good for BlackRock to be involved in the new currency early on.
On the other hand, Larry Fink thinks we can control people even better thanks to Bitcoin, which isn't the case. It might seem that way at first, but well, compared to a civilized system where the rules are centrally set, like a digital euro or dollar, that's precisely what's not possible with Bitcoin.
In other words, Bitcoin is Like a Trojan horse, luring you in with the thought, "Oh yes, we have this in our hands, we can control it," when in reality it's exactly the opposite. They will never be able to change Bitcoin; on the contrary, Bitcoin, through its strict rules, is also changing the vast financial world we have today.
And we simply see that Bitcoin is still difficult for such people to understand, that words like "crypto" and "Bitcoin" are still being confused, that they still think they can make tokenization more efficient with the blockchain. That's a good sign because it shows they haven't arrived yet; they're still on their own journey, and there are no grand plans behind it, except, "Hey, we want to be part of it, we don't want to miss this party, we don't fully understand the party yet, but it's here, and yes, look, we can even verify the blockchain, that's actually good, that's what we want." They're only just scratching the surface, and that's good.
It supports all the solutions that would scare them today; they wouldn't be registered as et because they would try to fight them. Now they're trying to adopt Bitcoin. That's why you could almost say Bitcoin's imperfection in some things is more of a feature than a bug, so rather an advantage. A way of functioning, a solution to comply with these institutions, government and so on, because it is underestimated and, in the long term, but precisely because it cannot be centrally controlled, it still demonstrates its capabilities.
And yes, I think all in all, what we are currently seeing is an interesting development. When Larry Fink sits down on Fox News to talk about Bitcoin, to talk about its advantages, especially for us in terms of things like inflation, then he is clearly showing the direction and that shows how much trust is now being placed in Bitcoin.
And that, in turn, opens up Bitcoin and the field as a whole to an incredibly large number of people out there. And by that, I certainly don't mean that people should or will buy Bitcoin from BlackRock. I think most will store and hold Bitcoin themselves in the long run. But on the way there, that's not possible.
Just imagine, there 's a corporation or a family office that has a lot of money, or perhaps investors in a hedge fund. And ultimately, the hedge fund manager ca n't say, "Hey, look, I've deposited your money here in Bitcoin, and it's sitting in the Ledger in my drawer." They want to be sure that this Bitcoin exists.
Really, and they are securely stored, and it's precisely for such possibilities that a Bitcoin ETF is needed. So it's more about creating a functional space for the large financial world, and for that purpose, it's fine in my eyes. For ourselves, Bitcoin is probably always the better solution in terms of personal responsibility because we want to regain exactly that: personal responsibility over our money and also over how it works.
Accordingly, one simply has to say, yes, BlackRock, this is a good sign for adoption, a good sign also because the signal to the outside is, hey, the big players no longer believe Bitcoin is evil, but Bitcoin is now good. And maybe I, as a normal middle-class business owner, will believe that too. On the other hand, this doesn't change the rules of Bitcoin and how we can use Bitcoin.
And it must also be said that all the laws that have come about don't restrict the private use of Bitcoin at all. So even Mika and all the other things have left open the personal responsibility that we want with Bitcoin. We can store Bitcoin ourselves, and so on. Finally, perhaps one very interesting point: he was also asked about this in the interview because he was rather critical of Bitcoin in the past.
The question was whether or why he has such a different perspective than Warren Buffett or, for example, Charlie Manga, who, as investment gurus, are always very negative about Bitcoin, calling it rat poison and so on. He says, well, he never saw it that negatively. Back then, he simply said, well, it wasn't quite there yet, especially in terms of its use by criminals.
But that has changed in the meantime. He says the entire infrastructure surrounding Bitcoin, the way Bitcoin has gained a foothold in the investment world, perhaps with publicly traded mining companies and so on, has shown him that Bitcoin has matured a bit. That's why BlackRocket is naturally interested in it.
This also means a subtle dig at Warren Buffett and Charlie Manga, which I actually find quite amusing. It simply shows that even in the financial world, among those at the very top of the financial market, there is no consensus regarding perspectives on such matters. In my opinion, we can be glad that Bitcoin is somewhat underestimated, yet its advantages are still recognized, and that it has this signaling effect.
BlackRock's involvement with Bitcoin will definitely be positive because the general public is now saying, "Well, if even BlackRock dares to touch it, then it's not so criminal anymore." Maybe I'll take a look at it myself, and perhaps some will become self-custodians because the responsibility and self-custody of Bitcoin is, in a sense, the real big sales pitch.
So, write your opinion in the comments; I'm always very interested. And if you want to support our work and don't yet own any Bitcoin, you can do so with a Bitcoin savings plan. You can set this up with Relay, a Swiss provider. If the savings plan is at least €100 per month and uses the Code Block Trainer, you can enter it when creating the savings plan to save on fees.
By the way, if you only want to save €100 per month, you can also do it with a one-time purchase. Once a month, Relay doesn't charge any fees. Using the Code Block Trainer also supports our work, and you save a little bit. Otherwise, you can use the link in the video description or link to an instructional video.
I'm now signing off, that's it. Now I'm looking forward to your comments. Give the video a like if you enjoyed the content. Have a wonderful day and goodbye! Take care, everyone. Bye!
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