Your Bitcoin ETF, the iShares Bitcoin Trust (IBIT), is among the fastest-growing exchange-traded funds in the history of financial markets. It's no surprise that Larry Fink, CEO of BlackRock, has become a strong advocate for Bitcoin and believes in its promising future. However, this was not always the case.
Larry Fink's Changed Perspective on Bitcoin
Larry Fink's confidence in Bitcoin wasn't always high. In the past, he had few kind words for the world's largest and oldest cryptocurrency. He was, in fact, a declared skeptic of digital currencies. But over time, his perspective has fundamentally changed.
In recent years, Bitcoin's price has experienced an incredible rally. The introduction of Bitcoin spot ETFs has also helped to establish Bitcoin as a serious asset in the financial industry. Consequently, Larry Fink now refers to Bitcoin as a long-term store of value and has even gone so far as to call it "digital gold."
BlackRock's Bitcoin ETF Gains Over 46% Since Launch
Larry Fink's change of heart can also be attributed to the significant success of BlackRock's Bitcoin ETF. More than $18 billion in client funds are now invested in their iShares Bitcoin Trust. Since its trading debut on February 7th of this year, the physically backed exchange-traded fund has achieved a price gain of over 45%. Because BlackRock's ETF is physically backed, meaning the issuer actually owns the assets contained within, the success of the $IBIT directly supports Bitcoin's price, and indirectly supports the entire cryptocurrency market through passive effects. It is expected that exchange-traded crypto funds will continue to support the market for a long time. This could potentially catapult Bitcoin to new all-time highs and positively impact other coins as well.
