BlackRock’s CEO, Larry Fink, once again expresses a positive stance on the cryptocurrency sector, comparing Bitcoin and other cryptocurrencies to traditional currencies.
Larry Fink is at it again: Following his positive remarks about Bitcoin and cryptocurrencies in an interview with Fox Business, the BlackRock CEO is once more discussing digital assets. His conclusion: He expects cryptocurrencies to surpass traditional currencies, including the US Dollar.
“Because it is so international, [crypto] will go beyond evaluating individual currencies,” the CEO explained to CNBC, also referring to the devaluation of the US Dollar. The fact that the CEO of the world’s largest asset manager is endorsing cryptocurrencies might come as a surprise to some. In 2017, Fink stated with bravado, “Bitcoin merely demonstrates how significant the demand for money laundering is in the world.”
However, BlackRock, under Fink’s leadership, has taken a pro-crypto course. Last month, BlackRock filed for a Bitcoin futures exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC) – a groundbreaking move for the crypto industry. Other asset managers, such as Fidelity and Ark Invest, followed suit in the footsteps of the financial giant.
In the initial step, the US SEC rejected the applications from BlackRock and others. Nevertheless, the asset managers resubmitted their applications, and a decision from the SEC is still pending.
“We believe that we have a responsibility to democratize investing,” Fink explained regarding the Bitcoin ETF application. “We are collaborating with our regulators because, as with any new market, we need to ensure that when the name BlackRock is associated with it, it is safe, robust, and protected.”