Bitcoin’s biggest Wall Street backer takes the wheel at World Economic Forum

BlackRock CEO Larry Fink nominated as interim co-chair of World Economic Forum board

Summary

• Larry Fink, CEO of BlackRock, became interim chair of the World Economic Forum board
• Formerly a Bitcoin skeptic, Fink has been the driving force behind Wall Street’s crypto adoption
• WEF founder, Klaus Schwab, recently resigned amid reorganization

Bitcoin (BTC) may soon be getting a seat at one of the most influential finance forums in the world. On Friday, August 15, Larry Fink, CEO of BlackRock, was appointed interim co-chair of the World Economic Forum board. Fink will share the role with André Hoffmann, vice chairman of Swiss pharmaceutical giant Roche.

Following their appointments, Fink and Hoffmann emphasized the need for a more inclusive global economy and a broader distribution of prosperity. They also expressed interest in greater collaboration with governments on shared policy goals.

As CEO of the world’s largest asset manager, Fink has played a major role in accelerating crypto adoption on Wall Street. Once a Bitcoin skeptic, he has become one of its most vocal supporters. In March, Fink even stated that the U.S. dollar could lose its dominance to Bitcoin.

WEF target of criticism, conspiracy theories

Founded by Klaus Schwab, a professor of business policy, the World Economic Forum rose to prominence by convening global business and political leaders at its annual Davos conference. However, the WEF has also faced criticism.

The forum has been accused of facilitating regulatory capture and helping companies use money to change policy. Moreover, the Davos gathering is a popular target in many conspiracy theories, including the Great Reset, a term coined by Schwab.

What is more, its founder, Klaus Schwab, was accused of nepotism, financial impropriety by his employees. On August 15, WEF reported that they found no evidence of wrongdoing.