BlackRock CEO Larry Fink shared an optimistic view on Bitcoin last week during a discussion with value investor and Bitcoin enthusiast Mike Alfred.
According to Fink, Bitcoin’s future value is intrinsically tied to the concept of human freedom. His perspective comes in the wake of BlackRock’s spot Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC) earlier this year.
A Profound Connection: Bitcoin Price and Human Freedom
In his conversation with Alfred, Larry Fink addressed the subject of Bitcoin’s future worth. When asked how valuable he thinks Bitcoin could be, Fink responded, “What is the value of human freedom?”
This statement isn’t just a philosophical musing. It shows Fink’s high level of confidence in Bitcoin, especially following the SEC’s recent engagement in constructive discussions with Bitcoin ETF issuers.
In linking Bitcoin’s value to human freedom, Fink may be hinting at the broader utilities of the cryptocurrency. It’s not just a potential investment vehicle or a digital gold; it could serve as a mechanism for empowering individuals against financial systems that often work against their interests.
His comments suggest that he views Bitcoin as more than just a volatile asset class. Instead, it could be a tool that, in the right context, allows for a financial self-determination that is rare in traditional markets.
Bitcoin ETFs and Regulatory Conversations
Fink’s comments are timely as they coincide with the SEC’s ongoing dialogues about Bitcoin ETFs.
In particular, Bloomberg analysts Eric Balchunas and Seyffart have recently increased the odds of a spot Bitcoin ETF approval to 90%. They cite the recent court ruling in favor of Grayscale’s application as a pivotal precedent.
Industry executives such as Mike Novogratz and Cathie Wood also express the belief that a Bitcoin ETF is likely to receive approval this year.
Another report from JPMorgan also indicates that the SEC is likely to approve a spot Bitcoin ETF within the next few months. The analysis points out that the SEC’s decision not to appeal the recent court ruling in Grayscale’s favor brings the other pending applications, including BlackRock’s, a step closer to approval.
Market Response: Bitcoin Price Sees Positive Movement
The market seems to be taking note of the overall optimism surrounding Bitcoin and Bitcoin ETFs. Bitcoin’s price has experienced a notable upswing, approaching the $31,000 mark. In the last 24 hours, Bitcoin has jumped 2.5%, and over the past week, it has surged by more than 10%. The current trading volume has increased by nearly 50% in the last 24 hours.
BlackRock’s Larry Fink is not alone in his bullish outlook for Bitcoin. The market, backed by favorable chart patterns and indicators, seems to be echoing the sentiment.