Larry Fink of Black Rock is just the latest in a trend of big institutional money managers who are flipping bullish on Bitcoin. In this episode of Hard Money we look at the Wall Street titans and captains of industry that can’t resist the orange pill.

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Bloomberg, New York Times, Wall Street Journal, CNBC, Congress, the SEC, the CFTC, the Treasury, all the central banks of the world, they all kind of acknowledge it's not tulip bulbs.

you developed a view on Bitcoin and cryptocurrencies?

This is Larry Fink, co-founder and CEO of BlackRock, talking about digital currency 5 years ago.

People are speculating on it, 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.

BlackRock manages trillions of dollars in assets for individual investors, pension funds, governments, and other institutions worldwide.

We're not hearing clients saying we want to use this as an asset class.

4 years ago, Fink's answer began to sound a bit more ambiguous.

Is it true that you're building out a cryptocurrency capability?

Fast forward to 2023 and BlackRock's position on Bitcoin is a definite yes.

The investment juggernaut recently filing for a spot Bitcoin ETF with the Securities Exchange Commission.

Larry Fink is not the only critic in traditional finance to do a 180 on Bitcoin.

Billionaire investor Howard Marks said in a memo back in 2017 that Bitcoin was an unfounded fad.

4 years later, he said he jumped the gun and is glad his son holds a meaningful amount of Bitcoin for their family.

I now view my past negativism as having been knee-jerk skepticism and thus premature.

Here's billionaire hedge fund manager Ken Griffin of Citadel Securities back in 2018, 1 of the largest market makers in the U.S.

What's unfortunate is the amount of hype and the number of early investors who've been caught up in this hype.

I wish the 27-year-old wasn't buying Bitcoin.

But here we are 5 years later with The Wall Street Journal announcing Citadel was partnering with legacy banking giants Fidelity and Charles Schwab to launch EDX markets, an exchange where investors can trade Bitcoin and other digital assets.

And many individual titans of Wall Street have also been stacking sats.

Guggenheim, Paul Tudor Jones, Druckenmiller, the list goes on and on these days.

Similar shifts are playing out in Europe, as big banks are making headlines applying to become legal custodians for Bitcoin, including Deutsche Bank and Societe Generale.

And heading into the 2024 election here in the U.S., numerous candidates voicing their support for Bitcoin and the public's right to hold it in a sovereign way.

As president, I will make sure that your right to hold and use Bitcoin is inviolable.

These big-name Bitcoin reversals illustrate the change in attitude many hardcore Bitcoiners have experienced in their own journeys down the proverbial rabbit hole.

One's conviction level seems to be positively correlated with the amount of time spent studying the world's only decentralized digital commodity.

Even Michael Saylor, the most outspoken Bitcoin bull, was not sold on Bitcoin when he first heard about it, tweeting famously in 2013, Bitcoin's days are numbered.

It seems like just a matter of time before it suffers the same fate as online gambling.

He's come a long way since then, steering the treasury of the company he founded, MicroStrategy, to hold close to 1% of all the Bitcoin in existence.

The deniers are pretty much silenced now right I mean Bloomberg New York Times Wall Street Journal CNBC Congress the SEC the CFTC the Treasury all the central banks of the world they all kind of acknowledge it's not tulip bulbs it's a real asset it's a digital commodity So the deniers are out of the mainstream.

And although there are still many skeptics who have yet to see the orange light.

If I buy Bitcoin, am I buying a share of stock?

So is it being used for real transactions?

As Saylor points out, it doesn't pay to be a digital denier.

Any investor who held onto Blockbuster or Kodak stock learned that the hard way as we transition to the age of Netflix and Apple.

You can't with a straight face go on CNBC and say Bitcoin's going to be

banned when they've got the ticker in the lower right corner and they've got the head of the SEC, the head of the CFTC and the Secretary of the Treasury and then Jerome Powell all saying, I think it's going to be around for a while.

Learning about Bitcoin and deciding to invest in it is a journey of many touch points.

The industry has experienced many milestones on the road to institutional and mass adoption.

But there are more captains of industry who will soon be converted as the tide of this digital revolution continues to rise.


Speaker 0: The deniers are pretty much silenced. Bloomberg, New York Times, Wall Street Journal, CNBC, Congress, the SEC, the CFTC, the Treasury, all the central banks of the world, they all kind of acknowledge it's not tulip bulbs. It's a real asset. It's a digital commodity. Have

Speaker 1: you developed a view on Bitcoin and cryptocurrencies?

Speaker 2: Well, A, I believe in blockchains.

Speaker 3: This is Larry Fink, co-founder and CEO of BlackRock, talking about digital currency 5 years ago.

Speaker 2: People are speculating on it, 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.

Speaker 3: BlackRock manages trillions of dollars in assets for individual investors, pension funds, governments, and other institutions worldwide.

Speaker 2: We're not hearing clients saying we want to use this as an asset class. No.

Speaker 3: 4 years ago, Fink's answer began to sound a bit more ambiguous.

Speaker 0: Is it true that you're building out a cryptocurrency capability?

Speaker 2: No.

Speaker 3: Fast forward to 2023 and BlackRock's position on Bitcoin is a definite yes. The investment juggernaut recently filing for a spot Bitcoin ETF with the Securities Exchange Commission.

Speaker 2: Let's be clear. Bitcoin is an international asset. It's digitizing gold in many ways.

Speaker 3: Larry Fink is not the only critic in traditional finance to do a 180 on Bitcoin. Billionaire investor Howard Marks said in a memo back in 2017 that Bitcoin was an unfounded fad. 4 years later, he said he jumped the gun and is glad his son holds a meaningful amount of Bitcoin for their family.

Speaker 1: I now view my past negativism as having been knee-jerk skepticism and thus premature.

Speaker 3: Here's billionaire hedge fund manager Ken Griffin of Citadel Securities back in 2018, 1 of the largest market makers in the U.S.

Speaker 1: What's unfortunate is the amount of hype and the number of early investors who've been caught up in this hype. I wish the 27-year-old wasn't buying Bitcoin.

Speaker 3: But here we are 5 years later with The Wall Street Journal announcing Citadel was partnering with legacy banking giants Fidelity and Charles Schwab to launch EDX markets, an exchange where investors can trade Bitcoin and other digital assets. And many individual titans of Wall Street have also been stacking sats. Guggenheim, Paul Tudor Jones, Druckenmiller, the list goes on and on these days. Similar shifts are playing out in Europe, as big banks are making headlines applying to become legal custodians for Bitcoin, including Deutsche Bank and Societe Generale. And heading into the 2024 election here in the U.S., numerous candidates voicing their support for Bitcoin and the public's right to hold it in a sovereign way.

As president, I will make sure that your right to hold and use Bitcoin is inviolable. These big-name Bitcoin reversals illustrate the change in attitude many hardcore Bitcoiners have experienced in their own journeys down the proverbial rabbit hole. One's conviction level seems to be positively correlated with the amount of time spent studying the world's only decentralized digital commodity. Even Michael Saylor, the most outspoken Bitcoin bull, was not sold on Bitcoin when he first heard about it, tweeting famously in 2013, Bitcoin's days are numbered. It seems like just a matter of time before it suffers the same fate as online gambling.

He's come a long way since then, steering the treasury of the company he founded, MicroStrategy, to hold close to 1% of all the Bitcoin in existence.

Speaker 0: The deniers are pretty much silenced now right I mean Bloomberg New York Times Wall Street Journal CNBC Congress the SEC the CFTC the Treasury all the central banks of the world they all kind of acknowledge it's not tulip bulbs it's a real asset it's a digital commodity So the deniers are out of the mainstream.

Speaker 3: And although there are still many skeptics who have yet to see the orange light.

Speaker 1: Bitcoin itself is a hyped up fraud. If I buy Bitcoin, am I buying a share of stock?

Speaker 3: Or are you buying air?

Speaker 0: So is it being used for real transactions? No, it is a cult.

Speaker 3: As Saylor points out, it doesn't pay to be a digital denier. Any investor who held onto Blockbuster or Kodak stock learned that the hard way as we transition to the age of Netflix and Apple. You can't with a straight face go on CNBC and say Bitcoin's going to be

Speaker 0: banned when they've got the ticker in the lower right corner and they've got the head of the SEC, the head of the CFTC and the Secretary of the Treasury and then Jerome Powell all saying, I think it's going to be around for a while. It's a real thing.

Speaker 3: Learning about Bitcoin and deciding to invest in it is a journey of many touch points. The industry has experienced many milestones on the road to institutional and mass adoption. But there are more captains of industry who will soon be converted as the tide of this digital revolution continues to rise.

Speaker 0: ♪♪

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Institutional Interest in Bitcoin is Here | Hard Money