The CEO of BlackRock foresees Bitcoin’s dominance!
Larry Fink has expressed his positive outlook on cryptocurrencies and their potential to democratize global investing. In an interview with CNBC’s ‘Squawk on the Street’ on July 14, Fink revealed that an increasing number of BlackRock’s clients are showing interest in digital assets.
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Fink believes that cryptocurrencies offer a unique value proposition compared to other asset classes by facilitating portfolio diversification. He emphasized that the international nature of cryptocurrencies allows them to transcend any single currency.
While Fink expressed support for cryptocurrencies during the interview, he refrained from commenting on BlackRock’s application for a Bitcoin exchange-traded fund (ETF) in the United States.
The application is currently pending with the Securities and Exchange Commission (SEC). Fink stated that BlackRock ($9 trillion in assets under management) is working closely with regulators to ensure the safety and security of any investment products bearing the company’s name.
Over the years, the Securities and Exchange Commission (SEC) has rejected numerous applications for a Bitcoin exchange-traded fund (ETF) to be listed on the spot market. However, there is renewed optimism surrounding BlackRock’s recent filing.
During the interview, Fink emphasized BlackRock’s commitment to democratizing investing and highlighted the transformative role of ETFs in the investment landscape. He expressed confidence in the potential of ETFs, stating that their impact is still in its early stages.
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