Larry Fink no longer sees Bitcoin as a money laundering tool. The BlackRock CEO now envisions a future where every stock, bond, and property exists on blockchain rails.
During a Tuesday appearance on CNBC’s Squawk on the Street, Fink outlined his firm’s ambitious pivot towards tokenization, describing it as a “new wave of opportunity” that could reshape how millions of Americans build retirement wealth. The strategy aims to bridge cryptocurrency investors with traditional financial products through digitized exchange-traded funds.
From Sceptic to Believer
BlackRock manages a staggering $13.46 trillion in assets, including $104 billion in crypto holdings, which accounts for approximately 1% of its total portfolio. Fink believes tokenization remains in its “infancy” despite current market valuations exceeding $2 trillion, with projections reaching $13 trillion by 2030, according to Mordor Intelligence.
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His present stand on crypto is a dramatic reversal, as he had earlier dismissed cryptocurrency as a “money laundering index” in 2017. His current position aligns crypto with gold as a portfolio diversification tool, though he cautions against overexposure.
BlackRock already operates the industry’s largest tokenized money market fund, BUIDL, valued at about $2.8 billion since its March 2024 launch. Multiple teams across the company now explore tokenization applications spanning real estate, equities, and fixed income.
