Author: Tyler Pearson, DLNnews; Translated by: Song Xue, Golden Finance

This week, Larry Fink, CEO of BlackRock, the world's largest asset manager, once again embraced Bitcoin. Here's how Fink, once a cryptocurrency skeptic, became a believer and how he supports efforts to push the most valuable cryptocurrency into a new mainstream asset class:

2017

  • Oct. 3: Fink tells Bloomberg TV that he is a “big believer” in cryptocurrencies, but that speculation is rampant in the market. Two months later, the market crashes and cryptocurrencies enter a bear market known as the “crypto winter.”

  • Oct. 13: Fink says Bitcoin is an “indicator of money laundering” in an interview with CNBC, comparing the hype around the cryptocurrency to the Dutch tulip bulb craze of the 1600s.

2018

  • July 16: Fink says BlackRock clients have no intention of buying cryptocurrencies and downplays BlackRock’s interest in the industry until it demonstrates legitimacy and transparency.

2019

  • April 3: BlackRock hires Robbie Mitchnick, former head of marketing at Ripple. Mitchnick is now the firm’s head of digital assets.

  • July 19: Months after BlackRock explored the feasibility of Bitcoin and other cryptocurrencies, Fink stressed the need for a better cross-border payments system. Fink mentioned Bitcoin in an interview with CNBC, "I don't think we need a new international currency, but we very much need to reduce the fees for cross-currency transactions."

2020

  • November 20: Rick Rieder, BlackRock’s chief investment officer for fixed income, said in an interview with CNBC that cryptocurrencies “are here to stay,” adding that digital currencies could replace gold as a store of value.

  • December 1: As Bitcoin prices rise, Fink warns investors that Bitcoin could reduce the relevance of the U.S. dollar. “Bitcoin has captured the attention and imagination of many people,” he said at an event hosted by the Council on Foreign Relations. “Can it develop into a global market? It could.”

2021

  • January 27: When asked about Bitcoin’s potential during an interview on Bloomberg Live, Fink said: “We’re watching it; we enjoy the conversation. But it’s not proven yet.”

  • Oct. 13: Fink tells CNBC that he is “more in the Jamie Dimon camp,” referring to the JPMorgan Chase CEO’s bearish stance on the value of Bitcoin. In an interview the day before, Dimon called Bitcoin “worthless.” Fink reiterates his excitement about the potential “huge role” that digital currencies could play for consumers.

2022

  • February 9: CoinDesk reports that BlackRock plans to allow cryptocurrency trading on its in-house Aladdin investment platform.

  • March 24: Fink said in a letter to investors that Russia’s invasion of Ukraine could prompt countries to “reassess their monetary dependencies,” accelerating cryptocurrency adoption.

  • April 7: Speaking at the Bitcoin 2022 conference in Miami, billionaire Peter Thiel names Fink alongside Dimon and Berkshire Hathaway’s Warren Buffett as “enemies of Bitcoin” and accuses them of driving down the price of Bitcoin.

  • April 12: BlackRock becomes an investor in Circle’s $400 million funding round, which will see the company issue the stablecoin USDC.

  • April 13: Fink confirms BlackRock is researching cryptocurrencies and becomes a major holder of Circle’s cash reserves. “We are increasingly seeing client interest in cryptocurrencies,” Fink said.

  • August 4: Cryptocurrency exchange Coinbase announced a partnership with BlackRock to provide investors with cryptocurrency trading services on BlackRock’s Aladdin platform.

  • August 11: BlackRock announces the creation of a spot Bitcoin Trust for institutional investors.

  • Nov. 30: Fink reveals that BlackRock invested $24 million in failed cryptocurrency exchange FTX, saying at an event hosted by The New York Times Dealbook that “there appears to be misconduct with significant consequences.”

  • Nov. 30: Fink said at the same event that “the next generation of the market… will be the tokenization of securities.”

2023

  • June 15: BlackRock filed for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) for its BlackRock iShares Bitcoin Trust. The trust appointed Coinbase Custody as its custodian.

  • July 5: Fink tells Fox Business that BlackRock is trying to “democratize” cryptocurrencies by making them cheaper to buy and trade. Fink predicts cryptocurrencies will “surpass” global currencies by 2023.

  • Oct. 16: During an appearance on Fox Business, Fink said BlackRock clients were showing strong interest in cryptocurrencies, attributing the day’s gains to a “flight to quality” amid global tensions surrounding conflicts such as the Israel-Hamas war.