Crypto X (formerly Twitter) lit up last night following BlackRock CEO Laurence Fink’s prediction that bitcoin “will become as big as the US housing market.” The only problem is, he never actually said that.

The confusion stemmed from a DLNews report that claimed Fink made the comment during a BlackRock earnings call last Friday. However, the outlet has since published a correction on the story and clarified that, “Fink was referring to BlackRock mortgage products he didn’t name.”

Despite the misreport, Fink’s sentiment during the call was still bullish on bitcoin. He said that regardless of which presidential candidate is elected, “I do believe the utilization of digital assets are going to become more and more of a reality worldwide.”

Read more: Larry Fink flips on bitcoin, ‘digital gold’ not ‘index for money laundering’

“We believe bitcoin is an asset class in itself. It is an alternative to other commodities like gold,” he added. 

“I think the application of this form of investment will be expanded to the role of Ethereum as a blockchain can grow dramatically. So if we can create more acceptability, more transparency, more analytics related to these assets, then it will be expanded.”

These statements reflect a changing approach for Fink, who back in 2017 called bitcoin an “index for money laundering.”

The call revealed that BlackRock’s assets under management reached a record high of  $11.48 trillion last week. The company’s bitcoin ETF has also managed to amass $23 billion during its first nine months.

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The post No, Larry Fink didn’t say bitcoin will be as big as the housing market appeared first on Protos.

BlackRock CEO Larry Fink appeared on CNBC today to announce that he’s pivoted his stance on bitcoin. Once a staunch skeptic, the $10.6 trillion asset management executive explained that he now believes bitcoin is akin to ‘digital gold.’

Speaking with Jim Cramer and Carl Quintanilla, when asked about Bitcoin and Ethereum Fink said, “I was a skeptic. I was a proud skeptic. And I studied it, learned about it, and I came away saying, okay, my opinion for five years was wrong… I believe bitcoin is legitimate… it is a legitimate financial instrument.”

That view is quite different from comments he made in 2017 when he called bitcoin an “index for money laundering.”

Read more: BlackRock ETF might open door to institutional shorting of bitcoin

Bitcoin for making money, not hope

Fink went on to explain that bitcoin has a place in portfolios to hedge against currency debasement and international exposure and to serve as a haven amid fear. He also referred to bitcoin as “digital gold” and admitted that it has “industrial use.”

At the end of his TV segment, Fink denied that bitcoin is ‘hope’ — a Michael Saylor marketing slogan — instead saying that he thinks people invest in bitcoin simply to make money.

BlackRock also hit the headlines today for its links to Thomas Matthew Crooks, the failed assassin at Donald Trump’s July 13, rally. Last year, the firm produced a commercial about a Pennsylvania teacher’s use of BlackRock’s retirement planning services that briefly featured the young Crooks.

BlackRock has deleted its public archives of the ad, which included two fleeting appearances of Crooks as a student. Crooks appeared at the 3 and 19 second timestamps and had no speaking lines.

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The post Larry Fink flips on bitcoin, ‘digital gold’ not ‘index for money laundering’ appeared first on Protos.