BlackRock’s asset management exceeded 10 trillion US dollars, and its CEO Larry Fink publicly compared Bitcoin to digital gold

BlackRock’s recent financial results underscore its growing embrace of Bitcoin and other digital assets.

The firm reported strong earnings and record inflows into its ETFs, pushing its assets under management to over $10.6 trillion.

According to the Financial Times, BlackRock’s assets under management rose 13% from the same period last year to now stand at a record $10.6 trillion.

The firm saw net inflows of $82 billion in the second quarter of the year, missing expectations of $112 billion after equity and fixed income inflows fell.

Larry Fink discusses why BlackRock is growing

Larry Fink discussed BlackRock’s record earnings, attributing success to strong investor confidence and strategic investments.

He stressed the need for growth through infrastructure and digitisation, warning that rising deficits without growth could burden future generations.

Fink highlighted the need to streamline development permitting processes.

He argued that leveraging energy efficiency and technological capabilities is crucial for stimulating growth, not only in the U.S. but globally.

Private Sector Growth

Fink argued that private sector growth is key to economic progress, advocating for a reduction in regulatory barriers to allow businesses to innovate and expand.

He highlighted BlackRock’s successful quarter, noting the highest ETF flows in the company's history.

Technology and Innovation

Fink underscored the role of technology in driving growth, citing BlackRock’s ability to increase assets without increasing employee count as evidence of technological efficiency.

Larry Fink speaks out on Trump's assassination

Fink described the failed assassination attempt on former President Trump as a tragedy, urging unity and hope among political and community leaders.

He emphasised the importance of addressing rising hatred and focusing on creating opportunities for all citizens.

He praised the U.S. capitalistic system's dynamism and its role in creating jobs and opportunities, which in turn foster economic prosperity and a rising equity market.

Larry Fink reverses stance on Bitcoin

BlackRock CEO Larry Fink, known for his cautious stance on cryptocurrencies, has shifted from being a skeptic to acknowledging Bitcoin as a legitimate financial instrument.

He noted Bitcoin’s benefits, such as providing uncorrelated returns and serving as a hedge against currency debasement in times of economic instability.

Bitcoin as Digital Gold

Fink likened Bitcoin to digital gold, suggesting it should be considered an alternative asset class.

He highlighted Bitcoin’s industrial applications and its appeal during global uncertainty, predicting it would become a significant asset class for investors.