Larry Fink Defies BlackRock's Largest Shareholder To Make A Bold Bet On Bitcoin – Here's How He Shifted Their Stance Against The Odds

Meet Laurence “Larry” Douglas Fink, the CEO of BlackRock, one of the most powerful companies in the world. At 71, Fink has built a financial empire managing approximately $10 trillion in assets, including a hefty $20 billion in Bitcoin. 

Although relatively low-profile, Larry’s influence in the financial world is unmatched. His net worth is $1.2 billion, and BlackRock controls a massive 357,509 Bitcoin – an astounding number for any company, let alone one rooted in traditional finance.

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Larry’s rise to power began in 1988 when he cofounded BlackRock with seven others. Over the years, he's worn multiple hats – chairman of the board, executive and leadership committees, and co-chair of the global client committee.

But things truly kicked off for Larry and BlackRock after the 2007-2008 financial crisis. The U.S. government turned to BlackRock to help steer the country from economic disaster, sparking rumors about Larry's close connections with officials like Tim Geithner, Obama's first Treasury Secretary.

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In 2009, BlackRock acquired Barclays Global Investors, cementing its status as the largest asset manager in the world. However, Larry Fink's name rarely makes headlines, except for when he's invited on CNBC. 

He's made a comfortable living running the firm – earning $23.6 million in 2010 and $36 million in 2021. By 2016, BlackRock had already ballooned to $5 trillion in assets and employed over 12,000 people in 27 countries.

Larry's influence extends beyond BlackRock. In 2018, Forbes named him the 28th most powerful person in the world. But there's something more recent that's turned heads beyond the money and influence: Larry's about-face on Bitcoin.

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Just a few years ago, Larry was a staunch Bitcoin critic. Back in 2017, he famously quipped, “Bitcoin just shows you how much demand for money laundering there is in the world.” In 2018, he even described Bitcoin as "an index of money laundering" and doubted its legitimacy. “Bitcoin is not a real investment,” he said, citing its market volatility as a major red flag.

So, what changed? It's simple – market demand. Over the years, Bitcoin has evolved from a niche asset to a mainstream financial instrument with a market cap that rivals the world's largest companies. Larry recognized that BlackRock's institutional clients wanted in, and he couldn't afford to let competitors like Fidelity get ahead.

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But convincing BlackRock's board wasn't easy. The largest shareholder, Vanguard, has a strong anti-crypto stance, with its CEO recently doubling down on their aversion to Bitcoin.

He pitched Bitcoin as a hedge against inflation, especially given rising global tensions and threats of de-dollarization. Larry's vision wasn't just about Bitcoin but about tokenizing real-world assets, which he believes will redefine finance.

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