The man who manages $10 trillion, just did something quite rare at the New York Times DealBook Summit—he publicly admitted he was wrong.

That man is Larry Fink, the head of BlackRock. You may not know who he is, but you’ve definitely heard of their Bitcoin ETF product, IBIT, which is now the largest in the world. Ironically, back in 2017, this Wall Street bigwig publicly called cryptocurrencies “the toys of money launderers and thieves.”

The host clearly wasn’t going to let this juicy topic slide and brought it up right to his face. Fink was straightforward and didn’t try to dodge: “I do have very strong personal opinions, but that doesn’t mean I can’t be wrong.” It sounded casual, but behind it was a full six-year shift in thinking.

Here’s how he explained it—in any given year, he meets with thousands of clients and government leaders from around the world. Through these conversations, he realized his previous judgments didn’t hold up. “We are now proactively embracing Bitcoin,” he said, using the word “proactive,” which shows just how complete his change in attitude has been.

To be honest, a CEO admitting a mistake isn’t much of a news story in itself. But when that CEO represents the world’s largest asset management company, and the mistake is about Bitcoin—a currency that the traditional finance world used to collectively ridicule—the significance is entirely different. This isn’t just Fink’s personal upgrade in understanding; it’s more like a microcosm of Wall Street’s evolving attitude toward crypto—from resistance and hesitation to full-on involvement.

Markets change in the blink of an eye, and the real danger has never been making mistakes, but stubbornly refusing to admit them. Fink’s public admission this time explains, to some extent, why BlackRock always seems to get the timing right. After all, institutions willing to bow their heads and say “I got it wrong” usually outlast those that stubbornly refuse.