Larry Fink, the CEO of leading Asset Management Platform BlackRock, is bullish on Bitcoin and other digital assets. 
Fink is certain that Bitcoin and other assets will overtake traditional fiat currencies like the USD and its peers. 

Larry Fink, the CEO of Blackrock, has spoken on Bitcoin and the cryptocurrency market, highlighting what he thinks the near-term performance will look like.

According to the CEO of the billion-dollar asset management firm, Bitcoin and other digital currencies are primed to outperform the U.S. dollar and all other traditional assets. Fink made the bold statement known in a recent interview with CNBC.

“Because it’s so international, [crypto]will go beyond each individual currency in currency valuation.” He asserted. It is interesting to see the change in Fink’s sentiments, concerning digital currencies, particularly because he was not as bullish on Bitcoin some years ago.

Back in 2017, Larry Fink spoke about Bitcoin, and how the digital currencies create a bigger loophole for money laundering at a global scale. According to Fink, “Bitcoin just shows how big the demand for money laundering is in the world.”

However, Fink seems to be very positive about digital currencies and Bitcoin in general. He further spoke on BlackRock’s mission to bring democracy into the investing market. Speaking about the recent Bitcoin Spot ETF application filed by the platform, Fink explains that the asset manager is working hand in hand with regulators, as it intends to ensure that the BlackRock name “is on it that it is safe, sound and protected.”

BlackRock Bitcoin Spot ETF application ; what to expect

Meanwhile, BlackRock is still awaiting approval from the U.S. Securities and Exchange Commission. The regulatory body, which is responsible for approving ETF applications, has rejected a handful of applications in the past.

Despite BlackRock revealing that there is a high demand for Bitcoin Spot ETFs in the industry, a lot of market players are skeptical about BlackRock’s applications and the possibility of approval. Notably, the SEC initially rejected BlackRock’s application, as it did many others.

The asset manager will go on to resubmit the application, which is now pending. The SEC reverently took to its website to acknowledge BlackRock’s ETF application. Applications from VanEck, InvescoUS, GalaxyDigital, Fidelity, and WisdomTreeFunds have also been acknowledged and posted to the website.

Meanwhile, investment advisor ARKInvest, and 21Shares, a digital asset investment platform, have already gone beyond this point, although they are still yet to gain approval. It bears mentioning that this acknowledgment process is only one step out of the many required to begin the application approval process.

BlackRock is committed to the diversification of investment portfolios for investors in the digital asset market using crypto. “It [crypto]has a differentiating value versus other asset classes, but more importantly, because it’s so international it’s going to transcend any one currency” Fink added.

---

Filed under: Bitcoin - @ July 17, 2023 5:23 pm