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BlackRock CEO Larry Fink says Bitcoin could quote revolutionize Finance in an interview with Fox Business on Wednesday previously known as a skeptic thinks comments come after the ishares unit of BlackRock filed paperwork with the SEC for that spot Bitcoin ETF that we've been talking about feels like forever but I feel but it's only been like a week and a half we'll I'll toss it off to you what do you make of Larry Fink's comments uh I kind of walked away with a frustration of Twitter because basically this video was plastered everywhere you couldn't scroll on the feed yesterday without seeing this video pop up now to like the substance of it itself really great stuff and also really intriguing the fact that he was saying this of course like you said Janice comes after the FTX or after the ETF news that they are pushing forward with it with the surveillance agreement with coinbase they've refiled and they're you know in the running with all these other ETFs who have filed over the years now his comments in the video were two parts right one part about crypto being an asset class and the second about Bitcoin specifically being digital gold now not to read into it too much because a lot of times people in these positions who sort of have like a wider understanding of the financial space but not necessarily crypto or Bitcoin in general they kind of use the terms interchangeably so it's hard to know really what he was saying there was is he a Bitcoin bowl and thinks of Bitcoin as gold or is you think of all crypto sort of having gold like quantities about it it's hard to know I would assume it's probably the former they think it's like Bitcoin has some gold like Tendencies and all these other digital assets could have properties that are emergent and useful over time and that leads me to my my second thought maybe conclusion from this is maybe this is not the only ETF they're going to put forward right like it's not only going to be a Bitcoin ETF maybe there's an ethereum ETF in the future maybe there's another token as well maybe there's a basket of tokens that incorporates things like a coinbase or a Bitcoin miner and Bitcoin or ethereum stuff like that so I think there's more on the horizon if you're seeing the head of this huge company going forward and promoting something like that Wendy do you really want my take I feel like it's a little bit too early for my take guys okay look at Sam and then you all right you know okay give it to Sam and then then yeah trying to catch my breath here okay I mean I'll make a quick take I wrote down like one of the quotes here um about how he was talking about you know when he was praising the virtues of blockchain Technology he talks about when you have a quote unquote pure blockchain um um and then he's like if you know who the buyers and sellers are um then you know it's a positive thing for the financial ecosystem so first off I have no idea what a quote-unquote pure blockchain is I guess Bitcoin would be in some senses is I don't know if he knows what like a so so like whatever I I don't know what if he knows what he's talking about when it comes to any of that so I do take some of it with a grain of salt and he talks about if you know who the buyers and sellers are that's kind of antithetical to the Bitcoin Maxes I would assume when it comes to the privacy of this technology we still don't know who Satoshi is and I think that that still is a core principle so anyway one thing that this reminded me of without actually putting any opinion on it myself is just the fact that I do think that there is again going back to ironies this weird thing that we find in these bear markets where the same folks who are espousing the the you know benefits of block team blockchain technology when it comes to you know getting rid of intermediaries adding transparency but also in you know increasing privacy those folks are all very excited when institutions come in and kind of you know in this ham-fisted way talk about the technology and bringing it to more people how does this actually democratize Bitcoin I don't know for it to be an ETF when you could easily just go on coinbase and buy Bitcoin right now anyway I I don't know I I don't have full opinions I just think it's kind of funny to see people excited about this thing explode right now oh sorry all right let me just read the tweet that I that I found out because I'm like which we wanted the time for I said BlackRock is about to be accepted by the Bitcoin Maxes I thought the point was removing third-party predators and being your own bank self-custody will die more importantly I'm excited to get rich and ride the grift wave I own Bitcoin I've invested in Bitcoin I'm excited because I'm gonna make a lot of money my whole my whole thing is is yes Bitcoin is open source it is for everybody that's great fantastic fine but the goal is to remove the banks to remove traditional Finance to remove these entities that create gaps between the rich and the poor Bitcoin allows for anybody to participate and that's what we're seeing now and I personally believe with this BlackRock ETF or all the other ETFs that are getting Integra that will probably get integrated it's going to continue to make people lazy in the United States and not want to actually self-custody their Bitcoin you're giving your Bitcoin to like a fourth party to hold for you yes that's okay for retirement I get it but at the same time isn't this supposed to be digital gold isn't this supposed to be a hedge against the collapsing banking system and all of these other third-party Predators like to me it doesn't make sense but again I'm more than happy to profit off of it and make a lot of money as more Capital gets injected by the big boys so that's my take on it I think this is a win for the space honestly Wendy I agree with you I think that's the goal but it's not gonna happen tomorrow right and if we juxtapose this story against that FTX story we just spoke about here we have this huge traditional Finance figurehead that's coming out and saying actually I changed my tune like before I was a skeptic on this thing now I kind of believe in it for all of these reasons and there's this ETF which just gives another option to people people can still hold their Bitcoin they can still self-custody yes maybe they're lazy and they're going to opt for something else but maybe they'll get there eventually I don't think this is going to change overnight and I think um when we talk about mainstream adoption having someone who's been out in the public so adamantly against the space change their mind especially when stories like that New York Times piece are coming out I think it's a win well yeah we only got a few seconds here so I will disagree with Wendy I think that decentralization is a spectrum and that some people will be able to solve custody which is the best option some people won't want to do that and they're going to need an ETF product with their broker and it's okay because everyone will have Bitcoin where they need it and hopefully more people solve custody over time but that option is there for the first time in human history right A lot of times we don't have the ability to do that so the fact that Bitcoin presents that option yeah actually are you with Wendy hold up hold up guys we do actually have traditional Finance folks that create custom scps 401ks IRAs um with Bitcoin I actually participate in one to help offset taxes and that's the only reason why so I pay less but we already have those products available so that's what I'm saying see I'm sorry go ahead oh I I wasn't gonna say anything did somebody ask me something yeah I said are you with Wendy because will and I are respectfully on the other side of this argument you don't really have a sign on the argument I I feel like it's look mushy middle it's always just funny to see us in these bear markets getting excited when the traditional people come in and then spurning them at the top and then you know welcoming them back at the bottom it's just this cycle that we see I sound very cynical
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