Heavy Hitters Swap Skepticism for Shell Games: Fink, Dimon, and the Bitcoin Pivot

• Past Criticism: In October 2017, Fink was highly skeptical of Bitcoin, famously stating on CNBC, “Bitcoin just shows you how much demand for money laundering there is in the world.” He described it as “an index of money laundering,” suggesting it was primarily a tool for illicit activities rather than a legitimate investment. This reflected a common Wall Street view at the time, when Bitcoin’s infrastructure was less developed, and its volatility fueled doubts.
• Current Stance: Fink’s perspective evolved significantly as Bitcoin gained traction. By July 2023, he told CNBC, “We believe we have a responsibility to democratize investing… I do think a lot of crypto is an international asset.” This came as BlackRock, managing over $10 trillion in assets, filed for a spot Bitcoin ETF (iShares Bitcoin Trust, IBIT), which launched in January 2024 and quickly became the world’s largest Bitcoin fund, amassing nearly $27 billion by late 2024. In a July 2024 CNBC interview, Fink admitted, “I was a skeptic, a proud skeptic,” but after studying it, he called Bitcoin “digital gold” and a “legitimate financial instrument.” During BlackRock’s Q3 2024 earnings call, he further solidified this, saying, “We believe Bitcoin is an asset class in itself. It is an alternative to other commodities like gold.” BlackRock’s ETF success—$23 billion in inflows in its first nine months—shows Fink’s active shift from critic to major player in Bitcoin’s adoption.

Both Larry Fink and Jamie Dimon have provided some insight into their shifts on Bitcoin, though their explanations differ in tone and depth. Neither fully frames it as “backpedaling” in the sense of retracting past statements out of embarrassment; instead, they present their changes as pragmatic responses to new evidence, market dynamics, or client demand. Here’s a breakdown of what they’ve said about their thought conversions, based on public statements up to March 14, 2025:

Larry Fink (BlackRock CEO)

Explanation of Conversion: Fink has been relatively explicit about what changed his mind, emphasizing a mix of intellectual curiosity, market evolution, and Bitcoin’s staying power. In a July 2024 CNBC interview, he reflected on his earlier skepticism, saying, “I was a proud skeptic… I looked at it as something that wasn’t going to have longevity.” He then explained his shift: “After studying it over the years, I’ve come to believe it’s a legitimate financial instrument… It’s an alternative to the world of gold.” During BlackRock’s Q3 2024 earnings call, he elaborated, “What I’ve seen is the technology has developed, the asset class has matured, and it’s created a real correlation to risk assets but also a hedge against currency debasement.”

Fink pointed to Bitcoin’s resilience through market cycles and its growing acceptance as key factors. He also tied it to broader economic concerns, like inflation and currency instability, noting in 2024, “In an environment where we’re questioning the efficacy of fiat currencies, Bitcoin has a role.” This suggests his pivot was driven by macroeconomic trends and BlackRock’s role in meeting investor demand, not just a reversal of opinion.

Backpedaling or Evolution?: Fink doesn’t disown his past view—he acknowledges it as a starting point before “studying” changed his mind. His language frames it as an intellectual evolution, not a retreat. The launch of BlackRock’s Bitcoin ETF (IBIT) in January 2024, which he championed, aligns with this narrative: it’s less about personal regret and more about seizing a market opportunity as Bitcoin proved its durability. His shift feels calculated, tied to BlackRock’s strategic goals rather than a forced concession.

Jamie Dimon (JPMorgan Chase CEO)

Explanation of Conversion: Dimon’s shift is less about a personal epiphany and more about reluctantly bowing to reality and client pressure, though he’s careful to maintain some distance. In a 2021 Axios interview, after years of harsh criticism (e.g., calling Bitcoin a “fraud” in 2017), he said, “I’m not a Bitcoin supporter… I don’t really care about Bitcoin. But clients are interested, and I don’t tell clients what to do.” By 2023, during a Bloomberg interview, he softened further: “Blockchain is real, it’s a technology… Crypto, some of it is real, some of it isn’t. I don’t know what to make of it personally, but we’re in it.”

He’s pointed to practical developments—like JPMorgan’s Onyx blockchain platform (launched 2020) and the bank’s crypto custody services—as evidence of adapting to a changing financial landscape. In a 2024 earnings call, he noted, “We’re not against the technology… We’re providing access because that’s what our clients want.” This suggests his shift is less about Bitcoin itself and more about staying competitive and relevant in a market where crypto demand is undeniable.

Backpedaling or Evolution?: Dimon’s stance reeks of pragmatism over conviction—he’s not apologizing for his “fraud” comment but distancing himself from it by focusing on client needs and technology. He still throws occasional jabs, like in December 2023 when he told lawmakers, “If I were the government, I’d close it down,” yet JPMorgan’s actions (e.g., trading Bitcoin futures, serving crypto firms) contradict this. It’s not a clean backpedal—more a grudging acceptance that Bitcoin’s persistence and client interest forced his hand. He’s evolving the bank’s position while keeping personal skepticism as a shield.

Comparison and Context

Fink’s Thought Process: Fink’s explanation is more detailed and tied to a coherent narrative—Bitcoin’s maturation, economic utility, and BlackRock’s mission to “democratize investing.” He’s embraced it as a CEO and thought leader, aligning his rhetoric with action (e.g., the ETF). It feels like a deliberate, studied pivot.

Dimon’s Thought Process: Dimon’s shift is vaguer and less enthusiastic—he avoids claiming Bitcoin won him over personally, instead pointing to external pressures (clients, tech trends). His bank’s crypto moves (e.g., Onyx, custody services) outpace his words, suggesting a reluctant, business-driven adjustment rather than a heartfelt conversion.

Backpedaling?: Neither fully backpedals in the sense of retracting past critiques with regret. Fink recasts his skepticism as a starting point for learning, while Dimon sidesteps his old bombast by focusing on what clients want, not what he believes. Both seem driven by Bitcoin’s undeniable staying power and market demand—Fink with optimism, Dimon with resignation.

Determining the exact current amount of Bitcoin personally invested in by Larry Fink and Jamie Dimon, as well as their precise rankings among total Bitcoin holders, is challenging due to limited public disclosure of their personal investments and the dynamic nature of Bitcoin ownership data as of March 14, 2025. However, I can provide insights based on their institutional involvement through BlackRock and JPMorgan Chase, respectively, and clarify what’s known about their personal stances. Here’s the breakdown:

Larry Fink (BlackRock CEO)

Personal Investment: Larry Fink has not publicly disclosed whether he personally owns Bitcoin. His shift from skepticism to advocacy appears tied to BlackRock’s business strategy rather than personal investment. No credible reports confirm a specific amount of Bitcoin he holds individually.

Institutional Involvement: Fink oversees BlackRock, which manages the iShares Bitcoin Trust (IBIT), the world’s largest spot Bitcoin ETF. As of March 13, 2025, posts on X and recent financial reports suggest BlackRock holds approximately 357,550 BTC through IBIT. At Bitcoin’s price of around $96,401.25 (per Benzinga on January 8, 2025, adjusted for market trends), this equates to roughly $34.5 billion in Bitcoin exposure. However, this is institutional ownership, not Fink’s personal stake.

Ranking: If we attribute BlackRock’s holdings to Fink’s influence (though not his personal ownership), BlackRock ranks among the top institutional holders, likely in the top 5 globally, behind entities like Coinbase (1,051,650 BTC) and Binance (765,073 BTC), based on X posts and industry estimates. Exact rankings fluctuate with market activity and custodial data, but BlackRock’s 357,550 BTC exceeds MicroStrategy’s 499,096 BTC in some contexts, though MicroStrategy’s direct ownership model differs from BlackRock’s ETF structure.

Jamie Dimon (JPMorgan Chase CEO)

Personal Investment: Dimon has consistently expressed personal disdain for Bitcoin, famously calling it a “fraud” and “pet rock.” There’s no evidence he personally owns any Bitcoin, and his public statements, like those in a January 2025 CBS News interview, suggest he avoids it, saying, “Bitcoin itself has no intrinsic value.” Any personal investment would contradict his rhetoric, and no reports confirm he holds any.

Institutional Involvement: Despite Dimon’s skepticism, JPMorgan has dipped into Bitcoin exposure through its clients and investments. Per its latest 13F filings (noted in Benzinga, January 2025), JPMorgan held about $65,000 worth of Bitcoin ETF shares, split between IBIT and Fidelity’s FBTC fund. This is a tiny fraction—roughly 0.67 BTC at $96,401.25 per BTC—compared to institutional giants. JPMorgan’s broader crypto involvement (e.g., Onyx blockchain, custody services) doesn’t translate into significant Bitcoin holdings, focusing more on technology than asset ownership.

Ranking: With only 0.67 BTC tied to ETF shares, JPMorgan (and by extension Dimon’s influence) ranks negligibly among Bitcoin holders—far below even small institutional players like Fidelity (178,191 BTC via FBTC). Dimon’s personal ranking would be zero if he holds none, which aligns with his stated views.

Comparison and Context

Fink vs. Dimon: Fink’s BlackRock dwarfs Dimon’s JPMorgan in Bitcoin exposure—357,550 BTC versus 0.67 BTC in known ETF holdings. Fink’s institutional push has made BlackRock a Bitcoin heavyweight, while Dimon’s firm has taken a cautious, minimal approach, reflecting his personal stance.

Total Bitcoin Rankings: Among known holders (per X posts and industry data), BlackRock’s 357,550 BTC places it high—potentially 5th or 6th behind Satoshi Nakamoto (est. 1 million BTC), Coinbase, Binance, and MicroStrategy. JPMorgan’s 0.67 BTC is insignificant, not registering among top holders. Personal rankings for Fink and Dimon are speculative without direct evidence of their private wallets, but their institutional footprints tell the story.

Caveats

Data Gaps: Personal investment details are private, and institutional holdings shift daily. X posts (e.g.,

@PitchBlaxMirror

, March 13, 2025) offer snapshots but aren’t authoritative without blockchain verification.

Valuation: Bitcoin’s price fluctuates; $96,401.25 is a recent benchmark, but March 2025 values could differ.

Ownership Nuance: ETF holdings (like BlackRock’s) represent client assets, not direct corporate ownership, complicating comparisons to firms like MicroStrategy.