Share this article
Larry Fink Got 'Orange-Pilled', Says Galaxy Digital's Mike Novogratz: Bloomberg
Galaxy Digital CEO Mike Novogratz said Fink is "the most important thing that happened this year in bitcoin."
Updated Jul 31, 2023, 3:20 p.m. Published Jul 31, 2023, 3:20 p.m.
- Mike Novogratz called Larry Fink "the most important thing that happened this year in bitcoin."
- "Orange pilling" is a term given to the process of a bitcoin non-believer becoming a believer
- BlackRock's spot bitcoin ETF application in June showed signs of breaking the deadlock in the SEC approval process for such a fund in the U.S.
BlackRock (BLK) CEO Larry Fink has been "orange-pilled," or converted from being a bitcoin nonbeliever into a believer, Mike Novogratz said in an interview with Bloomberg last week.
Novogratz, CEO of crypto-focused financial services firm Galaxy Digital (GLXY), said Fink is "the most important thing that happened this year in bitcoin," because of BlackRock's application to list a spot bitcoin exchange-traded fund (ETF) in the U.S. in June.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Larry was a nonbeliever. Now he says, ‘Hey, this is going to be a global currency.’ People around the world all trust it,” Novogratz said
The possibility of BlackRock, one of the world's largest asset management firms, leading the way among a flurry of spot bitcoin ETFs possibly gaining regulatory approval in the U.S. is part of an "adoption cycle," in the cryptocurrency industry, Novogratz said.
The U.S. Securities and Exchange Commission has rejected dozens of applications to list spot bitcoin ETFs, a policy that has been seen as a major factor inhibiting wider mainstream crypto adoption. BlackRock's application included a "surveillance-sharing" agreement, which is supposed to guard against market manipulation and is considered to make it more acceptable to the SEC. Several other asset managers subsequently refiled applications also including such an agreement.
Novogratz also called Ripple's recent partial victory over the SEC in their legal battle a victory for crypto because it demonstrated that "the rules are nothing close to clear." The judge in the case ruled that the sale of XRP tokens on exchanges and through algorithms did not constitute investment contracts, in contradiction to the SEC's long-held view.
Read More: A BlackRock BTC ETF Wouldn't Be Possible Without Bitcoin Miners
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
