BlackRock CEO: China bans Bitcoin due to authoritarianism, Bitcoin is a transnational ledger bigger than any government

BlackRock CEO Larry Fink recently mentioned Ethereum ETF in an interview with CNBC. In another interview with Fox Business, he praised Bitcoin as a store of value and a tool to combat government economic manipulation.

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Larry Fink: China Bans Bitcoin Due to Authoritarianism

Larry Fink praised Bitcoin as a store of value and a tool to combat government economic manipulation in an interview with Fox Business following the approval of a Bitcoin spot ETF.

He stated:

To be clear, if you are in a country or a government that you're fearful of, this could be one of the reasons why China has banned Bitcoin. If you are in a future that you are fearful of, a country you are fearful of, or you're worried about the devaluation of your currency because your government has run up huge deficits, Bitcoin could be a very good store of value over the long term.

Larry Fink's current stance is a far cry from his position in 2017 when he claimed Bitcoin was a money laundering index. However, he did not deny in the interview that Bitcoin is still one of the tools for illicit activities.

Prior to addressing Bitcoin-related issues, Larry Fink pointed out that the U.S. economy is strong, inflation is clearly "cooling off," and the overall economy is in a very favorable position.

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Bitcoin is a Transnational Ledger Larger Than Any Government

Host Charlie Gasparino argued that gold still has practical uses in industry and jewelry compared to Bitcoin, which is just a ledger.

Larry Fink responded:

But it's an international ledger, it's transnational, it's a ledger that's bigger than any government I've ever seen.

Charlie Gasparino also mentioned the FTX incident, but Larry Fink emphasized that many new sectors have plenty of bad actors, and Bitcoin is gradually moving towards compliance, with the emergence of ETFs being a good example.