BlackRock CEO says crypto will transcend international currencies
BlackRock CEO Larry Fink believes crypto is an international asset that can transcend any global currency.
Fink did not talk about Bitcoin specifically, noting he’s prohibited by virtue of BlackRock’s spot ETF filing.
In his interview with CNBC on Friday, Fink mentioned how gold ETF changed the gold investing market.
BlackRock CEO Larry Fink has yet again shared bullish remarks about cryptocurrencies, noting in an interview with CNBC’s Squawk on the Street on Friday that crypto has the capacity to transcend any international currency.
According to the BlackRock CEO, who recently commented on the potential of Bitcoin as digital gold and an international investment asset, repeated the viewpoint in his latest remarks. In particular, he pointed to the global demand for crypto as something that signifies its potential.
Crypto is an international asset and will transcend any one currency valuation, $BLK CEO Larry Fink tells @jimcramer, @carlquintanilla & @davidfaber pic.twitter.com/o1G3D6pfqF
— Squawk on the Street (@SquawkStreet) July 14, 2023
Fink on ETFs and crypto’s international appeal
BlackRock filed for a spot Bitcoin ETF last month and together with Fidelity Investments, Ark Invest and others, are convinced they have done everything required to have the SEC approve the first such ETF for the US market.
The $9 trillion asset manager’s recent outlook of crypto investing, and what its entry into the spot ETF market could mean for the broader industry continues to trigger positive vibes a month since its initial SEC filing.
Fink said:
“I can’t talk about Bitcoin because we have a SEC filing and I’m prohibited, but I can talk about crypto in general and what we have done. We believe we have a responsibility to democratise investing. And we have done a great job and the role of ETFs in the world is transforming investing. I think we’re only at the beginning of that.”
The BlackRock chief then noted that ETFs industry is set to grow into a multiple trillion dollar market as the fixed income market expands. He also highlighted what has been achieved since the gold ETF debut 20 years ago, especially in democratising gold investing and bringing down the cost of transactions for physical gold.
An ETF will democratise the crypto investing space in the same way, Fink opined, adding that BlackRock’s clients have over the last five years continually asked about crypto’s role. He says he believes crypto is an “international asset.”
“It has differentiating value versus other assets. But more importantly, because it is so international, it’s going to transcend any one currency and currency valuation.”
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