In a recent interview with CNBC’s Squawk on the Street, Larry Fink, the CEO of BlackRock, shared his bullish views on cryptocurrencies and their ability to make investing more accessible worldwide. Fink specifically mentioned the growing interest among BlackRock’s clients in digital assets, suggesting a rising trend in this area.
Fink highlighted the special value that cryptocurrencies offer to investment portfolios, explaining how they have an edge over other types of assets. He emphasized that cryptocurrencies have the ability to go beyond the limitations of a single currency because they are international in nature, which adds to their appeal.
Fink’s remarks carry weight due to his position as the CEO of BlackRock, the largest asset manager globally. With a massive $8 trillion in assets spread across different investment products, his statement emphasizes the importance of cryptocurrencies and their potential impact on the future of investing worldwide.
Fink further added that “We are working with our regulators because, as in any new market, if BlackRock’s name is going to be on it, we’re going to make sure that it’s safe and sound and protected,”
While expressing his positive view on cryptocurrencies during the interview, Fink chose not to comment on BlackRock’s application for a Bitcoin exchange-traded fund (ETF) in the United States. The reason behind his decision is that the application is still pending approval from the Securities and Exchange Commission (SEC).
In the past, the SEC has rejected several applications to list a Bitcoin ETF on the spot market. However, BlackRock’s filing has sparked optimism for potential approval, considering the asset manager’s impressive history of successful ETF applications. Bloomberg Intelligence’s Eric Balchunas and James Seyffart pointed out that BlackRock has submitted a total of 550 ETF applications, with only one rejection.
During the interview, Fink emphasized that, “We believe we have a responsibility to democratize investing. We’ve done a great job, and the role of ETFs in the world is transforming investing. And we’re only at the beginning of that.”
BlackRock’s application has also opened doors for other asset managers to file similar ETF applications in the United States. Prominent firms such as Fidelity, Bitwise, 21Shares, WisdomTree, and Investco, among others, are waiting for potential approval from the SEC.
