WHY DID BLACKROCK GET BEHIND $BTC BITCOIN IN THE FIRST PLACE?
So, one of the things I’ve been fascinated by in the past few months is how quickly Larry Fink switched his tone around Bitcoin.
Fink is argued to be one of the most powerful men on planet Earth.
This is a guy who embodies the traditional financial system — $BTC is a threat to that.
How does someone like that switch to being in favor of Bitcoin?
Well…reports today revealed how he truly thinks about Bitcoin.
Many people think Blackrock got into Bitcoin for the fees the $IBIT ETF would collect. Sure, that’s one reason, but it’s not the deeper story.
Today, Larry Fink basically said that GenZ/Millennials don’t trust the financial system, they aren’t saving for retirement, and they have lost hope.
From Bloomberg: “Young people “have lost trust in older generations,” Fink wrote. “The burden is on us to get it back. And maybe investing for their long-term goals, including retirement, isn’t such a bad place to begin.”
As a result, he said Blackrock is focusing on new initiatives to get younger people engaged in investing/saving/the markets.
Although Bloomberg reported this today, he’s obviously been thinking like this — and likely seeing it in Blackrock’s data — for the past few years.
It seems like Larry Fink switched to becoming excited about $BTC Bitcoin because he realized this was a digitally native way to get younger people excited about retirement.
If young people want to buy Bitcoin over Gold and Blackrock could be the firm to provide them exposure — they may end up using Blackrock for a variety of other financial needs as they get older, cementing Blackrock’s relationship with a generation who feels let down by the financial system.
It almost seems as if $BTC is the last hope Fink has that will get younger generations into the concept of saving/retirement investing.
This way, his firm will have millions of people over the next two decades that associate products like the $IBIT ETF in a positive way with Blackrock — ultimately leading to the longevity and stability of the company for decades to come.
