BlackRock's Larry Fink says bitcoin rumor rally shows 'pent up interest in crypto'

Quick Take

  • “Some of this rally is way beyond the rumor,” BlackRock CEO Larry Fink said Monday after bitcoin’s price surged to almost $30,000 earlier in the day after a false news report.
  • While bitcoin pared gains after the report was debunked, it held onto some gains, rising 4.8% over the past day to $28,505.

BlackRock CEO Larry Fink said Monday that a rally in the price of bitcoin triggered by a false news report about the approval of a spot ETF served as an example of the "pent up interest in crypto."

Fink, who said that he couldn't comment on the specifics of his own firm's pending application for a spot bitcoin ETF, said he'd been hearing "from clients from around the world about the need for crypto." 

"Some of this rally is way beyond the rumor," Fink said in an interview on Fox Business. "I think the rally today is about a flight to quality, with all the issues around the Israeli war now, global terrorism. I think there's more people running into a flight to quality, whether that is in Treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that type of role, as a flight to quality."

Bitcoin's price surged to almost $30,000 earlier in the day after a Cointelegraph post on X said the proposed BlackRock ETF had been approved by the Securities and Exchange Commission. The post was later removed, and Cointelegraph apologized for what it said was "a tweet that led to the dissemination of inaccurate information."

While bitcoin declined from its daily peak after the false report was debunked, the world's biggest cryptocurrency by market capitalization held onto some gains, rising 4.8% over the past day to $28,505 at 4:44 p.m. ET, according to CoinGecko. It's up 7.4% over the past month, and a solid 47.4% over the past year amid excitement over the prospect of a spot ETF. 

Bitcoin as digital gold


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Fink has in recent months become a proponent of bitcoin, repeatedly highlighting its role as a sort of "digitizing gold."

The SEC last month said it was instituting additional proceedings to determine whether proposed spot bitcoin ETFs from big name asset managers including BlackRock, Invesco, Valkyrie and Fidelity should be approved or disapproved, in apparent additional delays that will add at least another month to the review processes underway. 

"Careful what you read on the internet," the SEC wrote Monday evening in a post on X. "The best source of information about the SEC is the SEC."

(Updates with SEC post.)

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Nathan Crooks is the U.S managing editor at The Block, based in Miami. He was previously at Bloomberg News for 12 years, where he helmed coverage of South Florida after roles as a breaking news editor and bureau chief in Caracas, Venezuela. He's interviewed presidents, government ministers and CEOs, and, besides crypto, has covered major news events on the ground from earthquakes to hurricanes to the Chilean mine rescue in 2018. Nathan, a native of Clarion, Pennsylvania, holds a bachelor's degree from the University of Toronto, where he completed a specialist in political science, and an MBA from American University in Washington, D.C.


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