Asset Managers Are Pro-Bitcoin
Why they are so friendly to the technological asset, and which financial institutions might not have the same stance.
Dear readers,
Larry Fink, BlackRock co-founder and CEO, called bitcoin an “international asset” and spoke about the revolutions underway in finance. His claims are neither new nor interesting from an investment thesis perspective—sorry Larry, we already knew that bitcoin represents a hedge against discretionary money. Statements made in mainstream media forcefully endorsing bitcoin move the perception needle, but the latest remarks by Fink are recycled in the mainstream financial sphere and rejected by others. We will break down some history of bitcoin institutional adoption, which institutions are embracing bitcoin, which ones are rejecting it, and the why of it all.
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Asset Manager: Fidelity
In a 2016 scene from the techno-thriller TV series Mr. Robot, megabank E-Corp’s CEO laments:
The problem here is hard cash is fading rapidly. That's just the way of the world right now. And Bitcoin is spreading. And if Bitcoin takes over, we are all in a world of hell!
As the years go by and the fight over bitcoin freedom and regulation grows louder and more vitriolic, we would be wise to separate various actors across the financial landscape to identify which players would naturally gravitate toward pro-bitcoin approaches, and why. Only then can we triangulate institutional or bureaucratic angst toward it.