Larry Fink, the CEO of Blackrock, the world’s largest asset manager, says he has become “a big believer” in bitcoin, emphasizing that it is “bigger than any government.” Calling the cryptocurrency “digital gold,” the executive stressed: “Unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.” Blackrock’s chief also sees value in having Ethereum exchange-traded funds (ETFs).
Blackrock CEO Larry Fink Is a ‘Big Believer’ in Bitcoin
Larry Fink, the CEO of Blackrock, the world’s largest asset manager, shared his outlook on bitcoin, crypto, and the spot bitcoin exchange-traded fund (ETF) market, in an interview with CNBC and Fox Business Friday. Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust (IBIT), was among the 11 spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission (SEC) on Wednesday.
Describing bitcoin, Fink shared with Fox Business: “If you’re in a country where you’re fearful of your future, fearful of your government, or you’re frightened that your government is devaluing its currency by too much deficits, you can say this is a great potential long-term store of value. Like I said, it’s like digital gold.” The Blackrock chief added:
It’s an international ledger that’s cross-border. It’s bigger than any government.
In an interview with CNBC, Fink explained why he thinks the price of bitcoin will go up. “I believe it goes up as the world is more frightened. If people have fearful geopolitical risks, they’re fearful of their own risk … And unlike gold, where we manufacture new gold, we’re almost at the ceiling of the most of the amount of bitcoin that could be created.”
Fink admitted that three years ago he was a “naysayer,” noting: “About two years ago, I switched, and I’m actually … in the last few years, I’m a big believer.” Emphasizing that he believes bitcoin is an asset class, Fink explained:
I’m a believer in it because I do believe it is an alternative source for wealth holding.
Commenting on Blackrock offering a spot bitcoin ETF, Fink detailed: “To me what we’re trying to do is offer an instrument that can store wealth.” Regarding whether the SEC will approve spot ethereum ETFs now that it has approved spot bitcoin ETFs, the Blackrock executive stated:
I see value in having an Ethereum ETF.
“If you had a tokenized security and you have a tokenized identity … the moment you buy or sell an instrument, it’s known, it’s on a general ledger that is all created together. You want to talk about issues around money laundering and all that, this eliminates all corruption by having a tokenized system,” Fink concluded.
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