Market Dynamics: Larry Fink’s Bitcoin Strategy
Renowned author of Rich Dad Poor Dad, Robert Kiyosaki, recently stirred up discussions in the crypto world. He highlighted a significant Bitcoin movement involving Larry Fink, CEO of BlackRock. On December 25, the iShares Bitcoin Trust (IBIT), BlackRock’s Bitcoin ETF, experienced an unprecedented outflow of $188.7 million, marking one of the largest Bitcoin sell-offs to date. This strategic sell-off has sparked widespread speculation across financial markets.
The Critique of Stakeholder Capitalism
Adding to the discourse, entrepreneur Vivek Ramaswamy openly criticized Fink and BlackRock. He accused them of being “Shareholder Capitalists,” drawing parallels to Marxist ideologies akin to those of Klaus Schwab, who famously stated, “Someday you’ll own nothing and be happy.” Ramaswamy’s critique centers around BlackRock’s endorsement of Environmental, Social, and Governance (ESG) criteria, which he argues detracts from maximizing shareholder value.
Ramaswamy’s Counter-Approach
Through his firm, Strive Asset Management, Ramaswamy advocates for an “anti-woke” investment strategy. He opposes the rising influence of ESG factors in corporate decision-making, particularly targeting companies like BlackRock for promoting these agendas. His firm strives to emphasize traditional shareholder value over broader social and political goals.
BTC to Hit $350K: Kiyosaki’s Bullish Stance
In his recent commentary, Kiyosaki shared his optimistic outlook on Bitcoin. He emphasized his preference for holding Bitcoin directly rather than through BlackRock’s ETF, asserting that BlackRock might be deliberately suppressing Bitcoin’s price for strategic gains. Despite this, Kiyosaki remains confident in Bitcoin’s potential and predicts it will surge to $350,000 by 2025. He continues to accumulate more Bitcoin, viewing it as a long-term investment opportunity.
The Bullish Outlook on Bitcoin
Bitcoin has gained nearly 130% this year, frequently reaching new all-time highs. The narrative for 2024 highlights increased institutional adoption, with major financial entities and corporations actively engaging in the crypto space. The momentum initiated by MicroStrategy in 2020 has inspired other companies like KULR Technology, which recently acquired 217.18 BTC for $21 million, allocating up to 90% of its surplus cash to Bitcoin.
Corporate and Institutional Engagement
The trend of corporate treasuries incorporating Bitcoin is accelerating. Bitwise Asset Management has filed for an ETF to track shares of companies with substantial Bitcoin holdings, specifically those with at least 1,000 BTC in their treasuries. Furthermore, Strive Asset Management, co-founded by Ramaswamy, has submitted its second application for a Bitcoin Bond ETF. This ETF seeks exposure through derivative instruments, including MicroStrategy’s convertible securities, and will be actively managed. These developments underscore the strengthening bullish outlook for Bitcoin, hinting at a transforming financial landscape.
