CEO of BlackRock Larry Fink’s appearance on Squawk on the Street came just days after BlackRock filed for a spot Bitcoin ETF, and his comments on the show only served to further boost interest in the product.
Just days after BlackRock filed for a Bitcoin ETF, Fink appeared on Squawk on the Street, and his remarks there only helped to increase interest in the product.
Fink has reaffirmed his company’s support for cryptocurrencies and said that more of the firm’s clients are getting interested in digital assets.
Fink’s remarks on the program were only limited to generalizations about cryptocurrencies since he isn’t authorized to talk about Bitcoin in particular while the ETF application is still pending.
He believes that similar to what gold ETFs have done for gold investing, cryptocurrencies have the potential to democratize investing.
He stated that cryptocurrencies could be more accessible to investors if the cost of transactions was reduced. He compared this to the advent of gold ETFs, which made gold investing more accessible by reducing the cost of transactions.
The financial landscape is shifting, and BlackRock’s recent filing for a spot Bitcoin ETF is a sign of this. The market for cryptocurrencies may continue to expand and gain popularity as more institutional investors participate in it.
According to Fink, cryptocurrencies stand out from other asset classes due to their unique value offer. He made it clear that the independence of cryptocurrencies from any single currency or currency valuation makes them an attractive choice for global investors.
Due to regulatory issues, Fink was unable to speak directly on Bitcoin because BlackRock’s spot Bitcoin ETF is still under review by the SEC.