The Flippening of Fink: From Crypto Critic to Blockchain Believer

Once upon a time, BlackRock CEO Larry Fink was the poster child for crypto naysayers. He likened Bitcoin to "money laundering" and dismissed it as an "index of money laundering." Ouch! But, as Bob Dylan crooned, "The times, they are a-changin'."

On Sunday the crypto world was abuzz with rumors that the SEC had given the green light to the $8.5 trillion asset manager's iShares Bitcoin Spot ETF, which sent bitcoin prices rallying by about 10% on the news before paring its gains. Spoiler alert: It was fake news. But amidst the drama, Fink dropped some golden nuggets on Fox Business.

“I think the rally today is about a flight to quality,” Fink said, putting crypto in the same category as Treasuries and gold. (Fink has previously stated that he cannot use "bitcoin" because of the ongoing ETF filing, and uses "crypto" to mean the same.)

He added that the rally was "an example of the pent-up interest in crypto.” “We are hearing from clients around the world about the need for crypto,” Fink added.

Now, let's connect the dots. BlackRock, under Fink's leadership, has been making some sneaky moves in the crypto space. They've been dabbling in Bitcoin futures and have shown interest in crypto ETFs. It's like watching your "all-natural, organic-only" friend sneak a bite of that juicy burger. Gotcha!

Here's the tea: Fink's flip-flop on crypto isn't just a personal epiphany. It's a reflection of the broader shift in the financial world. The bigwigs are realizing that they can't ignore the crypto wave any longer. And if you can't beat 'em, join 'em, right?

Apart from BlackRock, there are currently over 10 outstanding applications for a spot bitcoin ETF, including from tradfi giants like Invesco and Fidelity.

Look, Fink's change of heart is as surprising as finding out that the "reality" TV show you binge-watched was scripted. But here's the thing: It's not just about Fink. It's about the traditional finance world waking up to the potential of crypto. And while they might be late to the party, they sure are making an entrance.

So, what's our take on all this? Simple. The crypto world is like that underground indie band you loved before they went mainstream. And now, the big players are lining up for front-row tickets. Crypto isn't just a trend; it's a revolution. And it seems even the big financial titans can't resist its allure.

Elsewhere,

• The Sandbox's New Power Player: The Sandbox, a virtual world where you can build, own, and monetize your gaming experiences, has just made a power move. They've hired Nicola Sebastiani, an ex-PlayStation, Ubisoft and Apple exec to drive their game's creator economy. He will also oversee game publishing, internal game production, and the development of The Sandbox tools Game Maker and VoxEdit. The Sandbox said it recently reached a milestone of 5 million wallets registered, and will roll out self-publishing for all landowners by the end of the year. 🎮
• South Korea's Crypto Rulebook: South Korea is stepping up its crypto game by developing regulations for virtual asset listing and management. Because nothing says "We're taking this seriously" like a fresh set of rules. The new rule­s will be announced in January of next ye­ar, following an in-depth research se­rvice commissioned by the National Asse­mbly. Let's hope this doesn't turn into a K-drama for the crypto world. 📜🇰🇷
• Coinbase Says "Guten Tag" to New Opportunities: Coinbase is setting its sights on Germany as its new talent hub in a bold European expansion. After receiving a crypto license from Germany last year, they're now doubling down. Or should we say, "doubling Deutsch"? According to the company, its German office has been the company’s fastest-growing branch, more than doubling its headcount in the past year, and is set to play a crucial role in sourcing and developing local crypto talent. 🇩🇪💼
• Reddit's Crypto U-Turn: Reddit, once a beacon for crypto enthusiasts with its Community Points reward tokens, is now ditching them. Why? Regulatory concerns and "resourcing" issues. This has caused the price of the $MOON and $BRICK tokens to plunge. The site will fully phase them out by November 8. But hey, at least they're keeping their NFT avatars. Silver linings, right? 🔄🐱- -
• Binance's Dollar Drama: Binance's US affiliate is putting a pause on direct dollar withdrawals, according to its terms of use, updated Monday. US dollar deposits in user wallets are also no longer eligible for FDIC insurance protection. This comes after the U.S. SEC asked to freeze its assets earlier in June. Grab your popcorn, folks; this drama isn't over. 💵🚫