BlackRock’s Fink Flips Script, Calls Bitcoin an ‘Asset of Fear’

BlackRock CEO Larry Fink publicly acknowledged a dramatic shift in his Bitcoin stance during Wednesday’s NYT DealBook Summit. The executive who once called Bitcoin “an index for money laundering” now recognizes the cryptocurrency’s potential role in investor portfolios.

THIS IS THE MOST PRO-BITCOIN STATEMENT FROM LARRY FINK YET

At the DealBook Summit, BlackRock’s CEO said his “thought process has evolved” on crypto, then proceeded to explain Bitcoin’s entire use case to a room full of Wall Street elites.

He framed #Bitcoin as protection… https://t.co/TdAhEQpulj pic.twitter.com/bxpqqGhhON

— CryptosRus (@CryptosR_Us) December 4, 2025

Fink appeared alongside Coinbase CEO Brian Armstrong, where he described Bitcoin as “an asset of fear.” He explained that investors purchase the cryptocurrency in response to concerns about financial security, geopolitical instability, and traditional asset debasement from growing deficits.

The BlackRock chief emphasized that his perspective evolved through years of client interactions and policymaker discussions. He called his change of heart “a very glaring public example” of reassessing strong opinions. Meanwhile, BlackRock now offers several crypto products, including a major Bitcoin ETF.

From Fink’s Skeptic to Strategic Supporter

Fink’s October 2017 comments painted Bitcoin in a far different light. Before that year’s bull run drove prices to then-record highs, he said the cryptocurrency “shows you how much demand for money laundering there is in the world.”

The CEO’s current position remains nuanced rather than entirely bullish. He noted Bitcoin’s recent 20-25% drawdown coincided with news of a US-China trade deal and potential Ukraine war resolution.

If you bought Bitcoin for a trade, it’s a very volatile asset, you’re going to have to be really good at market timing, which most people aren’t.

Fink stated.

He identified leveraged players as another significant challenge for Bitcoin’s stability. However, Fink suggested the cryptocurrency can serve as meaningful portfolio insurance for those holding it as a hedge rather than short-term trading.

Armstrong expressed confidence that “there is no chance” Bitcoin reaches zero. Fink shared this optimism, stating: “I see a big, large use case for Bitcoin.”

BlackRock has grown into a $13.5 trillion asset manager under Fink’s leadership. The firm’s embrace of crypto products marks a stark departure from his earlier skepticism.

BlackRock’s Recent Bitcoin Movements

On November 24, 2025, BlackRock transferred 2,822 BTC valued at $232.9 million to Coinbase Prime. The substantial transaction intensified market concerns about potential downward pressure on Bitcoin prices.

BlackRock Sends $232.9M Bitcoin to Coinbase Prime, Fueling Fears of a Sub $80k BTC Sell-Off. Read more: https://t.co/nXOu9uCxaB

— Coinwaft (@coinwaft) November 24, 2025

The asset manager recorded $2.47 billion in net outflows during November. This figure represents 63% of total Bitcoin ETF outflows for the month. BlackRock maintains holdings of 779,425 BTC despite the significant withdrawals.

The firm also moved 6,283 ETH worth $101.72 million during the same period. These transfers added to market anxiety about Bitcoin potentially declining toward the $80,000 level.

Bitcoin currently trades at $87,078.60, posting a 0.53% gain over the past 24 hours. The cryptocurrency experienced a 7.08% decline throughout the previous week.

The digital asset dipped to $83,000 during the weekend before recovering to current levels. Following this price action, market participants closely monitor BlackRock’s movements given the firm’s substantial Bitcoin holdings.

Fink’s evolving perspective reflects broader institutional acceptance of cryptocurrency. His transformation from vocal critic to cautious supporter illustrates the changing landscape of digital asset adoption among traditional financial institutions.

The BlackRock CEO’s comments at the summit captured attention precisely because of his previous opposition. His acknowledgment of both Bitcoin’s volatility and potential utility presents a balanced institutional viewpoint on the cryptocurrency’s role in modern portfolios.