The real reason behind BlackRock's boss Fink's sudden love for BitcoinLarry Fink, BlackRock's boss, has taken a major turn in his attitude towards cryptocurrencies over the years.This can be explained by the historical transfer of wealth to young people
The real reason behind BlackRock's boss Fink's sudden love for Bitcoin
Larry Fink, BlackRock's boss, has taken a major turn in his attitude towards cryptocurrencies over the years.
This can be explained by the historical transfer of wealth to young people.
Larry Fink, CEO of BlackRock, attributed the rise of Bitcoin to a "pursuit of quality". But he stated in 2020 that the asset has other advantages. Let's delve deeper into it.
Capture imagination
Fink famously referred to Bitcoin as a means of money laundering, but in 2020 he changed his tone and claimed that this top-notch cryptocurrency "captured the attention and imagination of many people".
One of my important investors has been on a TV show in the past few days. He talked about Bitcoin, monetary policy, and Covid, "Fink said at a thematic meeting of the Foreign Relations Committee at the beginning of the pandemic.
The BlackRock website has 3000 views on Covid, 3000 views on monetary policy, and 600000 views on Bitcoin. Many people are fascinated by it. Many people are excited about it
If a company is tracking the click through rate of its website, it must also have an understanding of the demographic of internet traffic.
By 2023, BlackRock's iShares department had submitted an application to launch its own spot Bitcoin exchange traded fund.
The efforts to attract young funds come at a time when wealth is shifting from baby boomers to millennials (referred to by some critics as a wealth transfer), and billions of dollars may fall into the hands of young investors in the coming years.
Coinbase's third quarter insight report shows that more than one out of every three millennials and Gen Z individuals owns cryptocurrency, while only 12% of the older generation own cryptocurrency.
BlackRock is not the only institutional investor targeting young people.
FidelityDigitalAssets, the cryptocurrency division of financial giant Fidelity, is promoting blockchain education to the younger generation on X and TikTok.
VanEck Company was founded in 1955 and since launching its "Enter Ethereum" marketing campaign in September this year, its Ethereum Futures ETF has gained over 7000 followers on X.
These three financial companies all have spot Bitcoin ETF applications and are waiting for approval from the US Securities and Exchange Commission.
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