The CEO of BlackRock expresses massive bullishness on Bitcoin (BTC), dubbing the leading cryptocurrency an international asset and digital gold.
In a recent interview with FOX Business, Larry Fink, the CEO of the world’s largest asset manager, BlackRock, joined the bandwagon of millions of Bitcoin proponents.
Weighing in on the outstanding role and merits of utilizing the largest cryptocurrency by market cap, the one-time crypto skeptic, who called BTC an index of money laundering in 2017, paraded Bitcoin above gold and every fiat currency.
BREAKING: BlackRock's Larry Fink made his most bullish crypto comments yet, saying Bitcoin is 'digitalising gold.'
It's a far cry from 2017, when he called BTC an “index of money-laundering.” https://t.co/tOQhsH5MlI @AdMcMarkets
— DL News (@DLNewsInfo) July 5, 2023
BlackRock CEO Hails BTC and Crypto
According to Fink, BTC is an international asset not controlled by any country or a centralized entity. Highlighting one of the major flaws of fiat currencies — devaluation — the BlackRock CEO noted that Bitcoin is the best hedge against the never-ending devaluation of traditional currencies.
In addition, Fink implied that BTC is digital gold. “I do believe that the role of crypto is digitalizing gold in many ways,” he remarked. He added, “Instead of investing in gold as a hedge against inflation, [and as] a hedge against the onerous problems of any one country, or the devaluation of your currency of whatever country you’re in, Bitcoin is an international asset.”
Responding to the video, the popular FOX Business journalist Eleanor Terrett noted that the CEO also revealed that BlackRock’s adoption of crypto is to democratize the novel asset class and make it more accessible and easier to invest in.
— Eleanor Terrett (@EleanorTerrett) July 5, 2023
BlackRock Bitcoin ETF Filing
Notably, Fink’s comments come a few weeks after the global investment manager filed with the U.S. SEC for a spot Bitcoin ETF to give investors regulated exposure to the high-risk Bitcoin asset.
While the Securities Commission, led by Gary Gensler, is yet to approve BlackRock’s filing on claims of inadequacies and unclearness in the documents, several renowned asset managers joined in filing for their respective Bitcoin ETFs.
Among such institutions pushing for spot Bitcoin ETFs are Wisdom Tree, a financial innovator and asset manager based in New York, Invesco, and Fidelity Investments. Reacting to these developments, Fink said, “We hope regulators look at the spot ETF filings as a way to democratize crypto.”
This flurry of ETF filings was recorded weeks after the SEC lawsuits against two top crypto exchanges, Binance and Coinbase.