Bitcoin is an international asset’ Upbeat remarks from BlackRock CEOs

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Larry Fink, the CEO of BlackRock, delivered pro-crypto remarks amid the asset manager who applied for listing a spot Bitcoin exchange-traded fund (ETF) in the United States.

Speaking on Fox Business on July 5, Fink said a big part of cryptocurrency’s role is to digitize gold, suggesting US regulators are considering how an ETF directly pegged to Bitcoin (BTC) could democratize the finance. During his time at BlackRock, Fink often commented on major events affecting the crypto space, including the collapse of FTX in 2022 and the growing interest in BTC.

Let’s be clear: Bitcoin is an international asset, Fink said. It is not based on a single currency, and so it can represent an asset that people can play as an alternative.

Fink suggested that investors could turn to Bitcoin as a hedge against inflation or the devaluation of certain currencies. As CEO of the world’s largest asset management firm, with over $9 trillion in assets under management in April, Finks’ pro-crypto sentiment could create ripples in and out of the space. .

Related: Developed Markets Lagging in Digital Payments: BlackRock CEO

Many crypto users on social media reacted positively to Finks’ interview, with at least one suggesting that his words could drive the price of certain assets into what the user called the Fink Pump. At press time, the price of BTC was at $30,473, having fallen around 1% in the previous 24 hours.

Under Fink, BlackRock attempted to launch a spot BTC ETF with cryptocurrency exchange Coinbase acting as its watchdog partner. It is unclear whether the Securities and Exchange Commission will approve the investment vehicle, given its history of rejecting all previously filed spot BTC ETF applications to date.

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