July 10, 2023
By Anjali Kochhar
BlackRock CEO Larry Fink expressed his belief that cryptocurrencies, particularly Bitcoin (BTC), have the potential to revolutionise the financial system. In an interview with Fox Business on Wednesday, Fink stated that the tokenisation of assets and securities, exemplified by Bitcoin, could bring significant changes to the world of finance.
Fink, previously known for his skepticism towards cryptocurrencies, acknowledged the transformative power of Bitcoin, contrasting his earlier remarks. He acknowledged that enthusiasts of the digital asset class had heavily utilised it for “illicit activities” in the past. However, he emphasised the potential for Bitcoin to serve as an alternative investment to traditional safe havens like gold. Fink pointed out that Bitcoin, being an international asset not tied to any specific currency, could act as a hedge against inflation and currency devaluation.
BlackRock’s iShares unit recently filed paperwork with the U.S. Securities and Exchange Commission (SEC) on June 16 for a spot Bitcoin exchange-traded fund (ETF). BlackRock has a history of successfully obtaining ETF approvals from the SEC, but Fink refrained from speculating on when a decision regarding the Bitcoin ETF might be expected. He expressed the hope that regulators would eventually approve the filing, emphasising the company’s willingness to collaborate with them.
Despite Fink’s optimistic views on Bitcoin, the market did not show an immediate response. The price of Bitcoin remained relatively stable, trading just below $30,500 at the time of reporting.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
