In a recent interview on Fox Business, Larry Fink, the CEO of BlackRock, the world’s largest asset management firm, expressed his support for cryptocurrencies and their potential benefits, even though he had once called Bitcoin (BTC) an “index of money laundering.”
Larry Fink remarks come as BlackRock applies to list a spot Bitcoin exchange-traded fund (ETF)—called iShares Bitcoin Trust—in the United States, signaling the firm’s increasing involvement in the crypto space.
Fink believes that cryptocurrencies, particularly Bitcoin (BTC) play a crucial role in digitizing gold. He suggests that regulators should consider the potential democratization of finance through ETFs directly linked to Bitcoin.
BlackRock CEO Larry Fink Endorses Crypto and Bitcoin (BTC)
Highlighting the international nature of the world’s largest crypto by market cap, Larry Fink emphasizes that it is not dependent on any particular currency. He sees Bitcoin (BTC) as an alternative asset that people can utilize as a hedge against inflation or the devaluation of certain currencies.
As the CEO of an asset management firm overseeing over $9 trillion in assets, Fink’s pro-crypto sentiment could have far-reaching effects both within and beyond the crypto space.
However, Fink’s interview has garnered positive reactions from many crypto users on crypto Twitter and the entire Blockchain community, with some suggesting that his words might even trigger a surge in certain digital asset prices.
However, at the time of writing, the price of Bitcoin stood above $31k, currently changing hands at $31,100, representing a surge of 1.34% over the previous 24 hours. It should be noted that the enthusiasm that came with the multiple EFT filings last week most recently triggered the price of Bitcoin (BTC) above $30,000.
BlackRock, under Fink’s leadership, has made efforts to launch a spot Bitcoin ETF, partnering with cryptocurrency exchange Coinbase for surveillance purposes. The fate of this investment vehicle rests with the Securities and Exchange Commission (SEC), which has rejected all previously submitted spot Bitcoin ETF applications.
While BlackRock’s ETF filing approval remains uncertain, Nasdaq has just increased the possibility by refiling and amending the trillion-dollar company’s application.
However, Larry Fink’s characterization of crypto as digital gold and Bitcoin as an international asset highlights the evolving popularity of cryptocurrencies in the traditional financial landscape and has already triggered multiple other firms to follow suit.
With Fink’s track record and the firm’s influence, the outcome of BlackRock’s application will undoubtedly be closely watched by both crypto enthusiasts and traditional investors alike.
