BlackRock CEO Larry Fink Believes Bitcoin Could Revolutionize Finance
Summary: Larry Fink, CEO of BlackRock, believes Bitcoin (BTC) could disrupt the financial system by creating more tokenization of assets and securities. Fink has a history of being skeptical about cryptocurrencies. Moreover, the Fink hopes to work with regulators to get the spot Bitcoin ETF filing approved one day.
In an interview with Fox Business on Wednesday, Larry Fink, CEO of BlackRock, claimed Bitcoin (BTC) in particular, could disrupt the financial system. As of April 14, 2023, BlackRock managed $9.09 trillion in assets, making it the biggest asset manager in the world.
The powerful CEO stated:
“We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”
Fink, who has a history of being skeptical about cryptocurrencies, once said that crypto enthusiasts mostly utilized the asset class for “illicit activities.”
Fink further added:
“Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”
A spot bitcoin exchange-traded fund was proposed to the U.S. Securities and Exchange Commission (SEC) by BlackRock’s iShares division on June 16. Fink was unable to provide a timeline for the SEC’s decision on BlackRock’s bitcoin ETF, despite the firm’s almost flawless record of having ETFs authorized.
Fink stated on recent filing:
“We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.”
Bitcoin’s price is unaffected by the seeming bullishness of the CEO of the $8.5 trillion asset manager, as it continues to trade at slightly around $30,500. However, Bitcoin was able to break the downtrend shackles post BlackRock’s spot Bitcoin ETF filing. This got other financial giants to follow. BlackRock played a key role in bringing the price of Bitcoin above $30k level. Investors were optimistic over traditional financial institution’s interest in crypto sector.
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