Larry Fink, CEO of BlackRock, the world’s largest asset management firm, recently expressed his positive stance on cryptocurrencies and their potential benefits. Fink’s remarks came as BlackRock applied for the listing of a spot Bitcoin exchange-traded fund (ETF) in the United States.
He emphasized the role of cryptocurrency in digitizing gold and urged U.S. regulators to consider the democratizing potential of a Bitcoin ETF. With BlackRock managing over $9 trillion in assets, Fink’s pro-crypto sentiment has garnered attention and could influence the industry.
Bitcoin as an International Asset
During an interview on Fox Business, Fink highlighted that Bitcoin is an international asset, not tied to any specific currency. This characteristic enables it to serve as an alternative investment for individuals seeking diversification. Fink suggested that Bitcoin could be utilized by investors as a hedge against inflation or currency devaluation, offering an additional layer of financial security.
Fink’s positive statements regarding cryptocurrencies have resonated with the crypto community, as many users on social media reacted favorably to his interview. Some users even speculated that Fink’s remarks could trigger a surge in asset prices, referring to it as the “Fink Pump.” However, at the time of reporting, the price of Bitcoin stood at $30,473, experiencing a minor decline of approximately 1% within the previous 24 hours.
BlackRock’s Pursuit of a Bitcoin ETF
Under Fink’s leadership, BlackRock has sought to launch a spot Bitcoin ETF in collaboration with cryptocurrency exchange Coinbase, which would act as a surveillance partner. The approval of such an investment vehicle by the Securities and Exchange Commission (SEC) remains uncertain, considering the regulator’s history of rejecting previously filed spot Bitcoin ETF applications.
Read more: Bitcoin ETF: BlackRock Moves Closer to Filing Application
Conclusion
Larry Fink, the CEO of BlackRock, has expressed optimism about the potential of cryptocurrencies, specifically Bitcoin, highlighting its status as an international asset. Fink’s influential position as the head of the world’s largest asset management firm lends weight to his pro-crypto sentiment. The ongoing pursuit of a spot Bitcoin ETF by BlackRock indicates their commitment to exploring digital assets as part of an increasingly diverse investment landscape.
