Hassan Maishera
TL;DR
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BlackRock CEO Larry Fink is optimistic that Bitcoin could revolutionize the financial ecosystem.
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BlackRock’s iShares unit recently filed for a spot Bitcoin ETF.
Bitcoin Could Revolutionize The Financial Ecosystem
BlackRock CEO Larry Fink believes that cryptocurrencies, specifically Bitcoin, could revolutionize the global financial ecosystem. Fink mentioned this during an interview with Fox Business on Wednesday.
Fink stated that;
“We do believe that if we can create more tokenization of assets and securities – that’s what bitcoin is – it could revolutionize finance.”
Larry Fink has changed his opinion of Bitcoin after suggesting in the past that fans of the crypto asset class use it mostly for illegal activities. He added that;
“Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative.”
Fink’s comment comes barely two weeks after BlackRock’s iShare unit filed paperwork with the U.S. Securities and Exchange Commission (SEC) to launch a spot Bitcoin exchange-traded fund (ETF).
BlackRock has had nearly all its ETF applications approved by US regulators. However, Fink said the world’s largest asset manager couldn’t say when the SEC could make a decision for its Bitcoin ETF. Fink stated that;
“We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out.”
In addition to BlackRock, several other leading asset management firms, including Fidelity and Valkyrie, have filed to launch spot Bitcoin ETFs.
