Cryptocurrency

BlackRock CEO Larry Fink likens crypto to ‘digitizing gold’; praises Bitcoin as an ‘international asset’

BlackRock CEO Larry Fink praised Bitcoin as a “global asset” while cryptocurrencies, especially Bitcoin, favored “the digitization of gold.” interview Fox business today.

Mr Fink said:

“Because Bitcoin is not based on a specific currency, it has the potential to be an asset that people can use as an alternative currency. Instead of investing in gold as a hedge against the devaluation of national currencies, Bitcoin is a global asset.”

This perspective contrasts with Fink’s comments at the 2018 New York Times Dealbook Conference. At the time, he was wary of the cryptocurrency industry, saying it needed time to mature and become “legal” before BlackRock considered trading crypto or launching a cryptocurrency. rice field. Base ETF.

Fink also expressed concern at the time about the lack of regulation and support for crypto assets, suggesting that government support would be required before BlackRock got involved.

Looking to today, BlackRock is at the forefront of efforts to converge the cryptocurrency market with the more traditional cryptocurrency market. In June, the company submitted plans to the U.S. Securities and Exchange Commission (SEC) to create a spot Bitcoin ETF through its iShares subsidiary.

The filing marked a major shift in the financial landscape, as spot bitcoin ETFs had not previously been approved by the SEC due to concerns over market manipulation and lack of oversight over many cryptocurrency exchanges. Despite these challenges, BlackRock’s move sparked a wave of institutional interest, with a survey by Laser Digital revealing 96% of professional investors are keen to invest in cryptocurrencies. .

Fink’s recent comments and BlackRock’s continued efforts demonstrate the increasing acceptance of cryptocurrencies within the financial sector.

While the path to SEC approval for spot bitcoin ETFs remains unclear, Fink’s shift in perspective from five years ago highlights the rapid evolution of the cryptocurrency landscape. His comments today reflect his belief in Bitcoin’s potential as a global asset that is not tied to any particular country, and as an investment tool for a better tomorrow. The question arises as to whether BlackRock’s move this summer indicates that the company considers cryptocurrencies “legal.”

BlackRock CEO Larry Fink likens cryptocurrencies to the “digitization of gold.” An article praising Bitcoin as a “global asset” first appeared on CryptoSlate.

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