BlackRock CEO Larry Fink Says Crypto Will “Transcend Any Currency”

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BlackRock boss Larry Fink has reinforced his bullish stance on cryptocurrency as an investment, saying today that it will transcend any currency.

The CEO of the world’s largest asset manager said in an interview with CNBC on Friday that while he could not speak specifically about Bitcoin because BlackRock had filed an application with the United States Securities and Exchange Commission for a Bitcoin ETF in the spot market, crypto has a differentiating value compared to other asset classes.

BlackRock, which manages $9.5 trillion in assets, last month filed an SEC application for a bitcoin exchange-traded fund, leading institutional investors to pump money into the space and, to in turn, pushing the asset to a 12-month high.

We believe we have a responsibility to democratize investing, he said of ETFs. Over the past five years, more and more global investors have been asking us about the role of crypto, and like I said, I think a lot of crypto is an international asset.

More importantly, because it is so international, it will transcend any currency in currency valuation, he continued, adding that an international crypto product can transcend the issue of dollar devaluation. .

A Bitcoin ETF in the spot market would give institutional investors access to Bitcoin without having to deal with complex storage issues, which could mean more money would flow into the market if an ETF were ever approved.

ETFs are popular investment vehicles that allow people to buy stocks that track the value of an underlying asset like gold, foreign currency, or cryptocurrency.

A spot Bitcoin ETF does not yet exist in the United States, but a number of leading investment firms have petitioned the SEC to obtain one. The SEC was hesitant to approve such a product, however, citing market manipulation as one of the concerns.

Just last week, billionaire Fink said that the role of crypto is to digitize gold and Bitcoin is an international asset.

But in 2017, he said Bitcoin just shows you the demand for money laundering around the world. He changed his position over the years, later saying it was a great asset.

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